Millimages draws up IPO plans

Company to release 1.5 million shares

PARIS — Animation producer Millimages is gearing up for a June 7 listing on Paris’ Nouveau Marche stock market, the company said Tuesday.

The initial public offering was launched Monday, with Millimages announcing it would issue 1.5 million shares worth around 20% of the company’s value.

Share price will be set between 9.55 euro ($8.21) and 11.05 ($9.50) euro. A middle-range pricing would place the toon producer’s value about $66.23 million.

The company boasts a catalog of 12 TV series including “64 Zoo Lane,” as well as a feature-length pic, “Carnivale,” and has positioned itself as one of Europe’s animation majors.

A company spokesman brushed aside concerns about media stock gloom, insisting: “Now is the right time for Millimages. We are doing about three series annually, and we want to raise that to six. We want to grow rapidly.”

International markets represent 70% of its revenues, and the French animator, which also has offices in London, has made a considerable push toward the U.S. market, selling its last five series to Cartoon Network, Disney, Fox and Discovery. It recently created the subsidiary Millimages Online as a platform for the company’s new Internet animation series.