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IMC launches public offering
PT Intermedia Capital Tbk (IMC), operator of free-to-air television station ANTV, launched its initial public offering (IPO) on Wednesday, during which the company plans to sell about 15 percent of its enlarged shareholding to the public
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T Intermedia Capital Tbk (IMC), operator of free-to-air television station ANTV, launched its initial public offering (IPO) on Wednesday, during which the company plans to sell about 15 percent of its enlarged shareholding to the public.
The company is offering its shares to the public at Rp 1,380 (12 US cents) each during the offering period, which will last until April 4.
President director Erick Thohir said the company expected to raise Rp 541.17 billion from the IPO. The funds will be used to finance the company's network expansion.
Out of total funds generated from the IPO, IMC would use 80 percent to boost its capital expenditure (Capex), 10 percent for paying off its debts to the holding company and the remainder for its working capital, said Erick.
Out of the Capex funds, 30 percent will be allocated to purchase land in Bekasi (West Java) or East Jakarta, 25 percent will be used to establish new studios, 15 percent will be to build a multiplexing network in Aceh and North Sumatera to support the government's digital television programs and the rest will be used to purchase broadcasting equipment.
