Global Mediacom, the owner of Indonesian satellite pay-TV provider MNC Sky Vision, is looking to list a 20% stake in the company in July, reported Reuters citing local underwriter Danareska Securities.
The IPO of 1.4 billion new and existing shares…
Global Mediacom, the owner of Indonesian satellite pay-TV provider MNC Sky Vision, is looking to list a 20% stake in the company in July, reported Reuters citing local underwriter Danareska Securities.
The IPO of 1.4 billion new and existing shares could reportedly allow it to raise up to Rp2.45trn (US$259.7m). Among the rumoured interested buyers is US private equity firm Saban Capital Group.
Proceeds of the listing are expected to go towards capital expansion and debt repayment. Morgan Stanley and JP Morgan have reportedly been appointed as joint global coordinators for the offering.
Global Mediacom first announced its intention to list the pay-TV company in February 2011 in order to raise funds for expansion. However, in October the plan was put on hold due to alleged concerns over pricing amid volatile markets.
In late March this year, the IPO plans were reinitiated with sources close to the matter quoted as saying that Global Mediacom was looking to raise up to US$400m.
Sky Vision is Indonesia’s largest satellite pay-TV provider and operates via two platforms, Indovision and Top TV. The country is currently populated with six such platforms: Indovision; Top TV; Telkom Vision (owned by state-owned telco Telkom); Aora; Okevision; and Skynindo.
Sky Vision and Danareska Securities were not immediately available for comment before the press deadline.
