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MNC Vision expects to raise Rp 856b from IPO
The IPO will be held on July 1-2 and the shares listed on the Indonesian Stock Exchange (IDX) on July 8.
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Group Chairman and CEO MNC Group Hary Tanoesoedibjo. MNC Vision Networks (MVN), part of MNC Group, will launch its initial public offering (IPO) in July (Bloomberg/File)
PT MNC Vision Networks (MVN), a subsidiary of Media conglomerate PT Media Nusantara Citra (MNC), expects to raise Rp 856 billion (US$59 million) from its initial public offering (IPO) in July.
MVN President director Ade Tjendra said in Jakarta on Monday that his company would offer 3.5 billion shares, equal to 10 percent of its enlarged shares, at a price of Rp 231 to Rp 243 apiece.
He said the IPO would be held on July 1-2 and the shares listed on the Indonesian Stock Exchange (IDX) on July 8.
“MVN will use 70 percent of the fresh funds for the development of MNC Play and the other 30 percent for the development of MNC Now,” Ade said, referring to two of MVN’s three daughter companies.
MVN is a parent for MNC Vision, which proves direct-to-home (DTH)-based pay TV; MNC Play, providing broadband and internet protocol television (IPTV) services; and MNC Now, providing access to content on digital platforms, including Android and iOS, for the subscribers of MNC Vision and MNC Play.
As of 2018, MNC Vision has 2.4 million subscribers and MNC Play 262,000 subscribers. More than 75 percent of the total subscribers are registered to MNC Now.
“We place great attention on the development of digital content services because we have to stay relevant for millennials, [who] tend to demand fast access to entertainment content,” Ade said.
Last year, MVN’s revenue increased by 2.7 percent to Rp 3.22 billion from Rp 3.14 billion in 2017. (syk)
