Indonesia’s MNC Skyvision to raise $227m in July IPO-sources

PT MNC Skyvision is set to raise 2.14 trillion rupiah ($227 million) in an initial public offering (IPO) in July that is set to become Indonesia’s biggest flotation this year after the company set its IPO price on Monday, sources said.

Indonesia’s largest pay TV provider, controlled by domestic media mogul Hary Tanoesoedibjo, has set an IPO price at 1,520 rupiah per share, just above the bottom of a range of 1,460 rupiah to 1,750 rupiah per share, two sources with the direct knowledge of the IPO said.

The sources declined to be named as the details have not been made public yet.

The flotation is on track to be Indonesia’s biggest IPO since coal miner Golden Energy Mines raised $245 million in November 2011.

The firm is selling 1.4 billion new and existing shares, equal to 20 percent of its enlarged capital.

About 70 percent of the IPO proceedings will be used for capital spending and the rest for debt payment to PT Bank Rakyat Indonesia and various parties, it said.

MNC Skyvision is Indonesia’s market leader in satellite pay TV with 1.1 million paying subscribers at the end of 2011 through its two brands Indovision and Top TV.

The company expects to get 1.7 million paying subscribers by the end of 2012. Indonesia’s pay TV market penetration rates still remain low, with just 3 percent of all households having pay TV compared to 60 percent for television.

The firm appointed Morgan Stanley and JPMorgan as joint global coordinators for the IPO.

http://in.reuters.com/article/2012/06/25/indovision-ipo-idINL3E8HP3Y920120625

 

Category: Indonesia