Special Effects Company DNEG Considers London IPO

(Bloomberg) -- DNEG Ltd., a special effects provider for the film and television industry, is weighing an initial public offering in London to raise 150 million pounds ($189 million), as it seeks capital to grow.

The London-based company said the offering would include selling new shares and shares to be sold by some existing shareholders. The share sale would help raise DNEG’s public profile and brand awareness, the company said in a statement.

DNEG provides computer-generated visual special effects to customers including Walt Disney Co., Amazon.com Inc., ITV Plc and Comcast Corp.‘s Sky, according to the statement. It generated adjusted earnings before interest, taxes, depreciation and amortization of $69.6 million in its last fiscal year.

JPMorgan Chase & Co. is advising DNEG on the process.

To contact the reporter on this story: Rebecca Penty in London at rpenty@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

©2019 Bloomberg L.P.