Wants Expansion, Net TV Fundraising Rp 1 Trillion from Capital Market

INDUSTRY.co.id - Jakarta - Recently, PT Net Visi Media announced it will conduct an initial public offering (IPO) by releasing 1 billion shares. The Indika Group's television company is targeting a fresh fund of up to Rp 1 trillion. Net TV has also prepared two schemes to get the fresh funds.

First, the company will conduct an initial public offering (IPO) by releasing 1 billion shares, equivalent to 4.88% of the issued and paid-up capital of the company. From the corporate action, Net TV targets to get around Rp 200 billion.

Second, along with IPO, Net Vision Media will also perform mandatory convertible bond (MCB) conversion. According to Director of NH Korindo Sekuritas Amir Suhendro Samirin, the convertible MCB is equivalent to 19.32% of the total paid up capital of the company or 4.37 billion units of shares.

Funds targeted from the conversion of this MCB reached Rp 800 billion. Reportedly, Tokopedia will be the MCB container of the Net Vision Media. Well, this MCB will also be executed during the implementation of IPO Net TV. Net Vision Media has appointed NH Korindo Securities as the underwriter for this corporate action.

CEO of NH Korindo Securities Jeffry Wikarsa revealed Net TV will also use the proceeds of this IPO to fund expansion. "The IPO proceeds will be planned for business development," he said

But he did not explain in detail related to business development as what will be done by the media company.

Net TV will release its shares on the stock market using its financial statements in March 2018. So, this company will pitch in the Indonesian market on August 29th to come.

IDX noted, there are currently 20 companies that enter the pipeline and plans to hold an initial public offering in the second half of 2018. Yesterday, in addition to Net TV, there is one construction company who participated in holding a mini expose on BEI. Throughout this year, there are 21 companies listed in the domestic stock market