South Korean major CJ Entertainment celebrated a triumphant IPO on Korea's over-the-counter KOSDAQ exchange on Feb 5, seeing its share price double in value during the day.

CJ Entertainment is the first of Korea's film companies to hold an initial public offering. It floated a 30% stake worth $34m (Won 44.5bn) and saw its share price rise from an initial $9.00 (Won 12,000) to close at $18.00 (Won 24,000).

Investors were encouraged by the heady growth of the local film industry as well as the extensive capital held by CJ Entertainment's parent company, food giant Cheil Jedang.

In 2001, CJ Entertainment ranked as the second-largest distributor in Korea with a 14.7% share of the market with 22 features released. In late 2001 the company bought out Tube Entertainment, obtaining distribution rights to all of Tube's extensive production slate.

The company also owns a 50% share of Korea's most successful cinema circuit CGV, which operates more than 100 screens throughout the country.