Global Mediacom seeks $300 mln in unit IPO in Q3-sources

PT Global Mediacom aims to raise about $300 million by selling up to a 30 percent stake in its unit PT MNC Sky Vision, Indonesia's biggest pay TV provider, in an initial public offering in the third quarter, sources with direct knowledge of the deal said on Wednesday.

The firm, part of a media empire owned by Hary Tanoesoedibjo, has appointed UBS and Morgan Stanley as the joint coordinators while PT Danareksa Securities and PT Bhakti Securities have been picked as local underwriters, said the sources, who declined to be identified as the talks were not public.

"The MNC group wants to raise at least $300 million in the IPO but we need to see the demand for it," said one source.

"We will use the March book so it will likely be launched in the third quarter," said another source, adding he expected strong demand as the firm was seen as a proxy for rising consumer spending in Southeast Asia's biggest economy.

MNC Sky Vision is Indonesia's market leader in satellite pay TV, with a 78 percent market share from its two brands Indovision and Top TV, although pay TV market penetration rates are still low. Source: Reuters