Mar 30, 2011

Indovision names 4 IPO underwriters

PT MNC Sky Vision, operator of pay TV dubbed Indovision, has mandated UBS Securities, Morgan Stanley Securities, Danareksa Sekuritas, and MNC Securities as joint lead underwriters for initial public offering (IPO).
MNC Group is keen to sell up to 30% shareholding in MNC Sky Vision and hope to seize up to US$500 million from the IPO.
"We are planning to hold the IPO in the second half of this year. The proceed will be used to support expansion of Indovision business," said MNC Group President and CEO Harry Tanoesoedibjo.
Besides the IPO, MNC Sky Vision has unveiled 5-year US$165 million bonds bearing an annual interest rate of 12.75% in February, arranged by Standard Chartered Securities. MNC is eyeing total subscribers of 1 million from 850,000 subscribers last year.

Disclosure: No position at the stock mentioned above.

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