Film company Spackman surges 78.8% on its debut
SINGAPORE — A South Korean film producer whose hits include the 2013 action thriller Snowpiercer surged 78.8 per cent in its trading debut on the Catalist board yesterday.
The first Korean entertainment company to list in Singapore, Spackman Entertainment Group began trading on Singapore’s small-cap exchange after raising S$18 million from a placement of 69.4 million shares. The shares had risen as high as 48.5 cents before giving back a little to close at 46.5 cents, up from its offer price of 26 cents a share. It was the second most actively traded stock across the Singapore market, with almost 130 million shares changing hands.
“The Singapore market is more receptive to a smaller-cap company like us and Korean entertainment content is hugely popular here,” said Mr Charles Spackman, its executive chairman. “We aim to position ourselves as a channel through which investors in Singapore and the region can participate directly in the growth of the Korean film and entertainment industries.”
The Singapore Exchange welcomed Spackman’s addition to the Catalist board, saying “their media business focused on Korea brings both geographical and industry diversity to our investors”. Including Spackman, the Catalist board now has 145 companies with a combined market capitalisation of S$11 billion, the SGX said.
Spackman, partly-owned by Toronto-listed Spackman Equities Group, produces and invests in films through two units, Zip Cinema and Opus Pictures, the company said.
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 film has grossed about US$84 million (S$104 million) worldwide, according to Box Office Mojo website. 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.
“International sales has not been that big historically, but that is one of the main growth areas going forward,” Mr Spackman said. “The United States is obviously in our sights. So is China.” AGENCIES