Reuters: Private Equity: Indonesian Pay-TV operator reinitiates $400 mln IPO plan-sources

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Indonesian Pay-TV operator reinitiates $400 mln IPO plan-sources Mar 16th 2012, 07:19 JAKARTA, March 9 | Fri Mar 16, 2012 3:19am EDT JAKARTA, March 9 (Reuters) - PT MNC Skyvision, Indonesia's largest pay TV provider, has reinitiated a plan to raise $300-$400 million via an initial public offering in June after it scrapped the plan last year, three sources with direct knowledge of the plan said on Friday. The company, a unit of media group PT Global Mediacom , plans to sell a 20-30 percent stake to the public while several anchor investors, including U.S private equity firm Saban Capital Group, have expressed interest in buying a significant stake in the IPO, sources said. "The parent firm [Global Mediacom] aims to launch the IPO in June and they're not too worried about demand now," said one of the sources who declined to be identified as they're not authorized to speak to the media. The firm, which is part of a media empire owned by Hary Tanoesoedibjo, re-appointed Morgan Stanley as joint global coordinator for the IPO. It decided to drop a mandate for UBS who acted as global coordinator last year and appoint JP Morgan instead, sources said. The company had planned to launch the IPO in the third quarter of last year but decided to delay due to concerns over pricing given weak investor sentiment due to the eurozone debt crisis. MNC Skyvision is Indonesia's market leader in satellite pay TV with a 78 percent market share from its two brands Indovision and Top TV. Indonesia's pay TV market penetration rates remain still low. The MNC Group, JP Morgan and Morgan Stanley declined to comment. (Reporting by Janeman Latul; Editing by Matthew Bigg) Link this Share this Digg this Email Reprints

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