Initial Stock Offering Nets Panavision $59.5 Million
Panavision Inc., the Woodland Hills maker of motion picture camera systems, raised $59.5 million in its initial public offering.
The company sold 3.5 million shares of common stock for $17 apiece, within its expected price range of $16 to $18 a share. In its first day of trading on the New York Stock Exchange on Thursday, Panavision’s stock closed at $20 a share.
Panavision plans to use the proceeds from the stock sale to repay debt, for working capital and general corporate purposes.
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