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3D firm's IPO raises $200m
The fervour over 3D video technology shows no signs of abating, with RealD, a leading tech firm in the manufacture of 3D movie projectors and glasses, raising US$200m from its IPO.
The figure is 24% more than was sought, according to a Securities & Exchange Commission (SEC) filing, and was raised despite the fact that the California-based company has lost money every year since 2005.
RealD floated 12.5 million shares on the New York Stock Exchange - 1.75 million more than expected - at US$16 each. The company had expected to sell 10.75 million shares for between US$13 to US$15.
The company's stock closed at US$19.51 on its first day of public trading, up 22% from the IPO price of US$16. RealD plans to expand into 3D televisions, computers and video games, and has already forged alliances with Sony, Samsung and Panasonic, among others. It will use the money to pay off debt and mount possible takeovers, according to the SEC filing.
Adam Benzine
19 Jul 2010
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