New World Pictures plans to go public.

The Los Angeles-based film company best known for low-budget movies filed a registration statement with the Securities and Exchange Commission in preparation for an initial public offering of 1.5 million shares, expected to sell at $8 to $10 each, and $50 million in subordinated notes. The offer will include 1.2 million shares owned by the company and 289,000 shares owned by officers and directors. The sale, expected next month, will leave the company’s co-chairmen--Harry E. Sloan, Lawrence L Kuppin and Bob Rehme--with at least 90% of the 1.9 million shares of common stock that they now own.