The Film Department Holdings, an independent production company, is paving the way for an initial public offering. The company, which last year produced of the Jamie Foxx movie, "Law Abiding Citizen," announced that it had registered with the Securities and Exchange Commission to sell shares of its common stock on Monday.
It has not determined how many shares it will offer and what price range it will use. The Film Department hopes to raise $85 million from the public offering, plus $5.6 million in underwriters’ warrants, according to TransWorldNews.
Girard Securities will be the underwriter. The Film Department produces commercial movies with budgets between $10 and $45 million that will appeal to a broad audience. Next year, the company plans to build a U.S.theatrical releasing arm, which it hopes will distribute six to ten films per annually.