RHI raising $189m through IPO

RHI Entertainment has priced its initial public offering at $14 per share. The TV movie and miniseries specialist is offering 13,500,000 shares, which means it would raise $189 million. The proceeds, the company said, will be used to pay down debt.

Market watchers had expected RHI to price its IPO higher at $16 to $18 per share, which would have raised as much as $225 million. The stock will trade on the US Nasdaq exchange.

RHI was acquired and rebranded by Hallmark in 1994. It was subsequently bought back by company founders Robert Halmi, son Robert Halmi Jr. and private equity backers in 2006.

The company owns a 1000-title, 3,500-hour, library and has a busy production schedule – it made and distributed 43 TV movies in 2007.

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