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Cinema XXI to go public next month
PT Nusantara Sejahtera Raya, the company behind Cinema XXI, aims to raise Rp 2.4 trillion in an initial public offering (IPO) in August to expand its business.
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The production team of 'The Science of Fictions' greets moviegoers in a Cinema XXI theater in Jakarta. The critically acclaimed movie was screened in theaters nationwide starting on Dec. 10, 2020. (Courtesy of Poplicist ID/-)
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T Nusantara Sejahtera Raya, the company behind Cinema XXI, has announced its plan for an initial public offering (IPO) in August to raise capital for business expansion.
The theater chain operator said it would release 10 percent of its shares and, in a best-case scenario, reel in Rp 2.4 trillion (US$158 million) of extra capital for XXI.
“Cinema XXI has become the biggest cinema network operator in Indonesia in terms of box office gross revenue, audience as well as the number of screens,” said Cinema XXI president director Hans Gunadi in a press briefing on Friday.
“This is the right time to go public”, he added, given the prospects of a growing middle-income population.
The shares would be offered at the range of Rp 270 to Rp 288 apiece and start trading on the Indonesia Stock Exchange (IDX) on Aug. 2.
Sixty-five percent of the extra capital is earmarked for expansion, including building new theaters, as well as purchasing new movie projectors, sound systems and other equipment.
Around 20 percent of the newly raised funds is to be used to pay off short-term debt, and the remaining 15 percent will be reserved as working capital.
