ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, April 20, 1996 TAG: 9604220020
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
DATELINE: NEW YORK
SOURCE: Associated Press
AND FOR THIS PERFORMANCE, the silver-screen stars' restaurant chain received rave reviews from investors.
You don't have to be Sylvester Stallone to own a piece of Planet Hollywood anymore.
Stock in the restaurant chain owned by Stallone, Arnold Schwarzenegger, Bruce Willis and other silver-screen stars traded publicly for the first time Friday. It met with rave reviews from investors.
Trading on the Nasdaq stock market, Planet Hollywood International Inc. shares finished the day at $26.871/2, trading as high as $32.121/2 during the session. The offering was priced Thursday at $18 a share, raising about $180 million for the company.
Planet Hollywood, whose other owners include actors Demi Moore and Whoopi Goldberg, initially planned to offer its stock at $14 to $16 a share, but raised the price even before the first bid.
The initial offering of almost 10.8 million shares came under the symbol PHII, with the company selling shares to pay off $130.8 million in debt to big investors. For its 1995 fiscal year, the Orlando, Fla.-based restaurant chain had revenue of $270.6 million and profits of $20.7 million.
LENGTH: Short : 34 linesby CNB