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Cinema XXI eyes theater expansion following $148m IPO
Officially tradable on the Indonesia Stock Exchange (IDX) today, shares of PT Nusantara Sejahtera Raya, the company behind Cinema XXI, shot up by almost 11 percent by midday.
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Cinema XXI board of directors stand ready for the company's first day at the bourse on Aug. 2, 2023. (Courtesy of Cinema XXI/-)
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fficially tradable on the Indonesia Stock Exchange (IDX), PT Nusantara Sejahtera Raya, the company behind Cinema XXI, plans to expand its movie theater chain with the newly acquired capital on Wednesday.
Going with the ticker CNMA, the company aims to reel in as much as Rp 2.25 trillion (US$148.8 million) after releasing a total of 8.3 billion shares, equivalent to 10 percent of the total shares, for the public priced at Rp 270 apiece.
In a press briefing held early last month, the theater chain operator revealed that 65 percent of the capital raised in the corporate action was earmarked for expansion, such as building new theaters, and purchasing new movie projectors, sound systems and other equipment.
Around 20 percent of the newly raised funds are to be used to pay off short-term debt, while the remaining 15 percent will be reserved as working capital.
“Cinema XXI is the biggest theater chain operator in Indonesia in terms of box office gross revenue, audience and screen numbers,” PT Nusantara Sejahtera Raya president director Hans Gunadi said in a statement on Wednesday.
As of December, it operated 225 cinemas in 55 cities, with a total of 1,216 screens, more than half of the estimated nationwide total of 2,107 screens, company data showed.
Following its initial public offering (IPO), Cinema XXI shares were sold starting from Rp 270 apiece at market opening before going up to Rp 300 apiece by noon break. This marks an almost 11 percent jump by midday from its maiden listing.
