Iwerks Entertainment Inc., a Burbank company that designs special-format movie theaters, plans to go public in October with a stock offering that it hopes will raise between $24 million and $28.8 million.
A total of 2.4 million shares are being offered to the public at an estimated price of $10 to $12 per share. Two million of the shares are being offered by the company, with the rest to be offered by selling stockholders.
Robertson, Stephens & Co. L.P. and Salomon Brothers Inc. are the underwriters for the offering.
Iwerks, founded by former Walt Disney Co. executives Don Iwerks and Stan Kinsey in 1986, is working to create the “movie theater of the future.” Its motion-simulation, giant-screen, 360-degree and 3-D theaters have been featured at various exhibitions and entertainment venues around the world. It is also developing an interactive, “virtual reality” attraction.
The company said proceeds from the stock sale would be used for film software production, general corporate purposes and to fund its Cinetropolis venture. Iwerks hopes to build several of the Cinetropolis entertainment centers, which will combine theaters, virtual-reality rides and themed-restaurants in an urban setting.