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AMC Entertainment may raise up to $368M in IPO

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December 3, 2013 06:56 AM EST | AP

NEW YORK (AP) — AMC Entertainment Holdings Inc. may raise up to $368 million from an initial public offering of approximately 18.4 million shares of its common stock.

The second-biggest U.S. movie theater operator said in regulatory filing that the IPO's projected price range is $18 to $20 per share.

The underwriters have an option to buy up to an additional 2.6 million shares.

AMC Entertainment said that it plans to use the offering's net proceeds mostly to retire outstanding debt. Any remaining funds will be used for general corporate purposes, including capital expenditures.

In August AMC Entertainment announced that it was planning to go public, nearly a year after it was bought by a Chinese company. AMC Entertainment was purchased by Chinese conglomerate Dalian Wanda Group Co. in September 2012 in a $2.6 billion deal. Dalian Wanda, founded in 1988 and privately owned, runs hotels, theaters, department stores and other businesses.

AMC Entertainment owned, operated or held interests in 343 theaters in North America as of Sept. 30. The company said it had about 200 million guests visit its theaters last year.

For the year ended Sept. 30, AMC Entertainment had revenue of $2.73 billion.

The stock is expected to list on the New York Stock Exchange under the "AMC" ticker symbol.