New York • Shares of movie theater operator AMC Entertainment are rising in their first day as a public company.
The stock gained $1.76, or 9.7 percent, to $19.76 in morning trading Wednesday.
AMC Entertainment Holdings Inc. priced the initial public offering of about 18.4 million shares at $18 per share. That's at the low ended of its projected price range of $18 to $20 per share.
The company raised approximately $331.2 million from the offering. It is giving the underwriters a 30-day option to buy up to 2.6 million more shares.
AMC Entertainment expects net proceeds of about $314.2 million. It plans to use the funds mostly to pay off debt and for general corporate purposes such as capital expenditures.