- VIVAnews/Muhamad Solihin
VIVAnews – PT Danatama Makmur as the underwriter stated that the initial public offering (IPO) of PT Visi Media Asia Tbk (VIVA) is oversubscribed up to 5.1 folds. VIVA has passed the book building period, that was June 13 to 21, 2011.
Danatama Makmur Executive Director Vicky Ganda Saputra said that VIVA shares’ price has been set to Rp280. “The price is almost the ceiling of the book building price range,” he said in a written statement, in Jakarta, today.
The price was determined after the underwriter analyzed the interest of investor-to-be. “We see that they are very interested, from the oversubscription,” he said.
By the price set to Rp280 per share, the target of funds resulted from VIVA’s IPO became Rp640.1 billion. The funds will be used for the development of VIVA and its subsidiaries, either through capital expenditure, work capital increase or company’s debt reduction.
In addition, during the IPO, the company will distribute 571.5 million warrants as incentives for the investor-to-be. The warrant distribution is with 4:1 ration, or one warrant for every four shares. The warrant’s price is Rp300.
“With this mechanism, VIVA will still gain additional funds amounting up to Rp171.5 billion,” said Vicky.
Visi Media Asia is one of integrated media companies in Indonesia which focus on delivering news content, content providing, especially sports and lifestyle through various platforms, including free to air (FTA) television station, internet news portal and mobile phones.
For the IPO, the holding company of ANTV, TV One television stations and VIVAnews.com news portal offers 2.29 million shares.
Translated by Indah Lestari
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