(Corrects story to show company based in Seoul, not Hong Kong,
in paragraph 6; amends spelling of PrimePartners in final
By Caroline Ng
SINGAPORE, July 22 A South Korean film producer
whose hits include the 2013 action thriller "Snowpiercer" saw
its shares jump 54 percent on its debut on the Singapore stock
market on Tuesday.
Spackman Entertainment Group Ltd began trading on
the Catalist, Singapore's small cap exchange, after raising S$18
million ($14.51 million) from a placement of 69.4 million
English-language film "Snowpiercer", which features
Hollywood actors Chris Evans and Tilda Swinton as well as South
Korean star Song Kang-Ho, broke South Korean box office records
when it was released last year.
The company will use the proceeds of the initial public
offering to expand operations, including setting up offices in
Singapore and Los Angeles, and to buy more production firms.
"The Singapore market is more receptive to a smaller cap
company like us and Korean entertainment content is hugely
popular here," said Charles Spackman, executive chairman of
Spackman Entertainment Group.
The Seoul-based film group was created when it bought two
South Korean production subsidiaries, Zip Cinema and Opus
Pictures in 2012. It has since produced six films as a group.
Last year the company made a net profit of $2.79 million
More than half of the placement shares have been taken up by
institutional investors, including Havenport Asset Management,
Atlantis Investment Management, JF Asset Management and Aegis
Portfolios Manager. Canada-based Spackman Equities Group remains
the controlling shareholder with 39.1 percent of the company.
The stock was trading at 40 cents a share as of 0430 GMT, up
from the IPO price of 26 cents, valuing the company at S$158.12
million. It was the second most actively traded stock across the
entire Singapore market in terms of volume.
PrimePartners acted as sponsor for the listing.
($1 = 1.2405 Singapore Dollars)
(Reporting By Caroline Ng; Editing by Rachel Armstrong and