Vista gives IPO a showing

MATT NIPPERT
Last updated 13:24 04/07/2014

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Cinema management company Vista Group International has added to the run of NZX initial public offerings after registering a prospectus seeking to raise $40 million in new capital.

Vista said in a statement an effective 51 to 55 per cent of shares in the company would be floated; the company would be left with a indicative market capitalisation of about $185 million.

New Zealand-headquartered Vista said it employed 250 staff with offices in the United States, the United Kingdom, the Netherlands, Australia and China.

Funds raised from the IPO would be used to pay down debt incurred acquiring shares in film distribution software firm MACCS and data analytics company Movio, and allow the acquisition of controlling stakes in these two companies, Vista said.

Chairman Kirk Senior said the group's flagship, Vista Entertainment Solutions, had 37 per cent share of the global market for large cinemas and processed more than 1 billion movie tickets annually.

"VES's success has created the foundations for Vista Group, with a clearly defined strategy in an industry where we have a great deal of experience and connections, to become a much broader film-industry software company," Senior said.

The company said pro forma revenues for the group totalled $38.7m in 2013. It also plans to have a secondary listing on the ASX.

Company founder and chief executive Murray Holdaway said the global cinema market was being asked big questions by evolving technologies, but Vista provided answers.

"Cinema does face increasing competition from a wide variety of entertainment offerings, but that increases the demand for sophisticated software solutions," Holdaway said.

"And we are well placed to take advantage of these changes."

The offer opens on July 17, with shares expected to be traded on the NZX and ASX on August 11.

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