Indonesian pay-TV operator MNC Skyvision has raised 2.15 trillion rupiah (USD227 million) in the country’s largest  initial public offering so far this year. Controlled by Indonesian media conglomerate Global Mediacom, it sold 1.14 billion shares at 1,520 rupiah per share, above the bottom of the initial price range of 1,460 rupiah to 1,750 per share. The company fully exercised the upsize optionupon receiving the strong investor response. MNC, which launched its institutional roadshow on June 18 was offering 1.1 billion shares at the base issue size, with an additional 312.43 million shares under the upsize option.

 

The offering, which represents 20 percent of the firm’s enlarged share capital, is Indonesia's largest IPO since coal miner Golden Energy Mines raised USD245 million in November 2011. About 60 percent of the shares offered in the IPO were primary, while the 40 percent were secondary shares being sold by existing shareholder, Bhakti Investama. The upsize portion consisted of all secondary shares. The stock is scheduled for listing in Jakarta on July 9. About 70 percent of the IPO proceedings will be used for capital expansion and the rest for debt payment. J.P. Morgan, Morgan Stanley and MNC Securities were the joint global coordinators as well as joint bookrunners. MNC Securities was also a joint underwriter along with Danereksa. MNC Skyvision is Indonesia's market leader in satellite pay TV, and expects to get 1.7 million paying subscribers by the end of 2012.