July 22 (Bloomberg) -- Spackman Entertainment Group, the South Korean movie producer of films such as “Snowpiercer,” surged 54 percent in its trading debut in Singapore as the first Korean entertainment company to list in the city state.
The shares jumped to 40 Singapore cents from its offer price of 26 cents a share as of 9:38 a.m. in Singapore trading. The Seoul-based company raised S$18 million ($14.5 million) from selling 69.4 million shares, and said it plans to use the proceeds to expand through acquisitions or joint ventures, as well as adding offices in Singapore and Los Angeles.
“Singapore is a market that’s very receptive to Korean entertainment content,” Charles Spackman, executive chairman of Spackman Entertainment, which also produces Korean movies such as “Cold Eyes,” said in an interview yesterday.
Spackman Entertainment, partly-owned by Toronto-listed Spackman Equities Group, produces and invests in films through two units, Zip Cinema and Opus Pictures, the company said.
“In term of brand name recognition in Korea, we’re not huge like Disney,” he said. “We’re like Focus Features or Miramax, those recognizable, middle-sized brands.”
Focus Features is a film division of NBCUniversal, and Miramax Films, a distribution unit of Filmyard Holdings LLC, which has movies such as “Pulp Fiction.”
After local movie sales rose to a record last year, Spackman Entertainment is seeking to expand outside of South Korea, Spackman said.
In 2013, Opus Pictures was a co-producer of “Snowpiercer,” a movie that included actors such as Chris Evans, the star of the Captain America films, and Oscar-winning actress Tilda Swinton.
The English-language movie was South Korea’s No. 2 film of 2013 in terms of box office ticket admissions, Spackman said. The film has grossed about $84 million worldwide, according to Box Office Mojo.
“International sales has not been that big historically, but that’s one of the main growth areas going forward,” Spackman said. “The U.S. is obviously in our sights. So is China.”
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