Net TV sought to raise Rp200 billion from IPO and Rp800 billion from MCB. In a prospectus, the company said will sell 1 billion shares, or equivalent to 4.88 per cent of its total paid-up capital.
In addition, the firm will conduct MCB conversion equivalent to 4.37 billion shares or 19.31 per cent of its total paid-up capital. Online shop Tokopedia reportedly will be a buyer of the Net Vision Media’s mandatory convertible bond, which is expected to be converted into shares in the IPO.
Net Visi Media has appointed NH Korindo Sekuritas as the underwriter for this corporate action. The company targets the shares will be listed on the Indonesia Stock Exchange on August 29, 2018.
The company is part of Indika Group, a holding company of an Indonesia’s energy company PT Indika Energy Tbk (IDX: INDY). Net TV first airs on May 26, 2013.
According to the IDX data, there are 21 companies already conducted the IPO this year. In addition, there are 20 companies that plan to conduct IPO in the second half of this year.
However, five companies had postponed their initial public offering plans due to deteriorating market condition including PT Wika Realty, PT Wahana Vinnyl Nusantara, dan PT Artajasa Pembayaran Elektronis.
Jakarta Comosite Index weakened 0.1 per cent or 5.73 points at 5,727.91 at the opening market today (5/7).
The weakening capital market is not entirely caused by the internal factors, but mostly influenced by the external factor especially the U.S policies. The decision to delay IPO plans this year may extend to 2019, a year that will be filled with the general and presidential election, adding more risks to the capital market. Usually, the investors tend to be wait and see during the political year.
The political year makes Indonesia Stock Exchange slice its IPO targets to around 25 to 30 new companies or lower than this year’s target of 35 new companies. In 2020, IDX put a high target of 40 companies.