Chicken Soup to float

US prodco Chicken Soup for the Soul Entertainment is planning to float on the stock market in a bid to raise US$30m.

The plans will see the company (proposed ticker CSSE), which was recently commissioned to adapt a South Korean format for Discovery Life in the US, sell 900,000 shares for US$12 each.

Money raised from the proposed IPO will be used to finance operations and pay off debts, with acquisitions also being considered. A further 1.6 million shares could be also sold depending on demand.

The prodco is part of Chicken Soup for the Soul Holdings, which was founded in 1993 and is headed by chairman and CEO William Rouhana Jr.

The company publishes self-help books and launched prodco Chicken Soup for the Soul Entertainment in 2015, handing it exclusive global rights to develop content using the eponymous book series.

The company has recently launched on demand service CSS Network to offer original and third-party programming and has a deal with actor Ashton Kutcher to exec produce for the company.

He also has a minority stake in short-form video sales outfit A Plus Distribution along with majority shareholder Chicken Soup.

In March it hired industry veterans Elana Sofko and Michael Winter to aid its expansion plans.