SCTV To Sell 375m IPO shares

JAKARTA: Private television company PT Surya Citra Media said Monday that it plans to sell 375 million shares, or 19.8%, of its total shares, in an initial public offer between July 3 and July 5.

The IPO will be priced at Rp 1,100 rupiah a share.The company said the shares have a par value of Rp 250 each.

Surya Citra Media said it plans to raise around Rp 412 billion from the IPO. The shares will be listed on the Jakarta Stock Exchange July 16.

Credit Lyonnais Capital Indonesia, a joint venture securities firm, is the lead underwriter for the offer.

Surya Citra Media, which owns 100 percent of private television company PT Surya Citra Televisi, said it will use the proceeds from the offer to repay debt valued at Rp 230 billion, develop its in-house production program worth around Rp 150 billion, and with the remainder to be used for working capital.

Surya Citra said it expects to book revenue of Rp 816 billion this year, up 12 percent from Rp 729 billion last year. Its net profit is expected to jump to Rp 197 billion from Rp 7.8 billion last year, mostly due to contribution from the offer proceeds which will reduce its debt servicing. Dow Jones