<article>Film producer and distributor<a href="http://www.mm2entertainment.com/" target="_blank"> mm2 Entertainment</a> has raised about $ six million from its initial public offer (IPO) becoming the first player from the city state’s film industry fraternity to be listed on Singapore Exchange (SGX).</article>

Film producer and distributor<a href="http://www.mm2entertainment.com/" target="_blank"> mm2 Entertainment</a> has raised about $ six million from its initial public offer (IPO) becoming the first player from the city state’s film industry fraternity to be listed on Singapore Exchange (SGX).
The company had launched its IPO to sell 37.4 million shares at 25 cents each, debuting on the Singapore exchange Tuesday (December 9). Its shares opened $0.275 each, up 10 per cent and closed the day at S$0.25 cents. It was trading at S$0.22, down 12% at 11 am (December 10) at the time this story was filed.
mm2 has about 34 employees and revenues to the tune of S$16.1 million for the financial year ended March 31, when compared to S$6.6 million for the same period last year. Profits rose to S$2.7 million during this period, when compared to S$93,000 for the year-ended March 2012.
It has a market valuation of $51.7 million at the IPO price.
The company had released successful hits in Ah Boys To Men (2012) and Ah Boys To Men II (2013) and is currently making third sequel of the series &#8211; Ah Boys To Men III.
Melvin Ang, CEO, mm2 Asia, said, “Being the first local movie production company to seek a listing, we are extremely encouraged by the show of confidence from the investors. It indicates that they recognise the potential of the movie industry in Asia. mm2 Asia is in a strong position to capitalise on this growth with our established commercial track record, production brand names, reputation and extensive experience in the region. Our overarching strategy is definitely to invest in the future of Asia’s movies. We have already started to make inroads into Hong Kong, Taiwan and the PRC through various tie-ups and collaborations with key industry players in these markets. The proceeds from our IPO will help us to continue our expansion into North Asia.”
The listing of mm2 Asia brings the total number of companies listed on <a href="http://www.sgx.com/catalist/" target="_blank">Catalist</a> to 156, with a total market value of $11.2 billion. With mm2 Asia’s IPO, a total of $344.7 million have been raised on Catalist thus far this year, up 36% from the same period in 2013.

Film producer mm2 lists on SGX with $6m IPO

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Film producer mm2 lists on SGX with $6m IPO

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