Film Department Holdings, a recently formed independent movie production company, modified terms for its upcoming IPO for the third time in a post-effective amendment filed last Friday. The West Hollywood, CA-based company now plans to raise $48 million by offering 8 million shares at $6 per share. The company had previously filed to offer 5.5 million shares at a range of $10-$12. At the mid-point of the revised range, Film Department will raise -20% fewer proceeds than previously anticipated and be valued at $90 million (previously $138 million). The film company, which was founded in 2007 and booked $40 million in sales last year, plans to list on the NASDAQ under the symbol TFDI. Merriman Curhan Ford and IPO Solutions are the lead underwriters on the deal, which is now expected to price during the week of May 24th.
