Nine aims for $2bn float.
Nine Entertainment Co has launched its prospectus in a move which would see the company float on the ASX at a market price of around $2bn.
The announcement:
Opportunity to invest in one of Australia’s leading media and entertainment companies
Nine Entertainment Co. Holdings Ltd (NEC) today lodged a prospectus for an initial public offering (IPO) and listing on the Australian Securities Exchange (ASX) with the Australian Securities and Investments Commission (ASIC). The prospectus anticipates the commencement of trading on the ASX on 6 December 2013.
NEC is organised into three divisions, encompassing some of Australia’s leading media brands:
· Nine Network broadcasts nationally through its metropolitan free-to-air television (FTA TV) network and affiliate arrangements;
· Nine Events operates Ticketek, Allphones Arena and Nine Live; and
· Nine Digital and Ventures: Nine Digital operates Mi9 and Nine Ventures is responsible for other smaller investments.
The IPO will be offered to eligible investors at an indicative price range of $2.05 to $2.35 per IPO share with an expected market capitalisation of $1,928 million to $2,168 million.
Announcing the prospectus lodgement, NEC CEO David Gyngell said: “We are excited about the IPO and providing new shareholders with exposure to our leading integrated portfolio of complementary media businesses. A listing on the ASX will help us to continue our strong momentum and consolidate our position as a leading FTA TV network in Australia, maintain our strong industry position and expand the Nine Events business, and continue to grow Mi9 and our other digital media assets. We look forward to welcoming our new shareholders.”
The prospectus has been issued by NEC and NEC SaleCo Pty Limited (SaleCo) and is available to eligible investors in electronic form at www.nineentertainmentshareoffer.com. Eligible investors should consider the prospectus and read it in full in deciding whether to acquire NEC shares. If you want to acquire shares in the IPO, you must complete the relevant application which accompanies the prospectus.
The offer will consist of an Institutional Offer and a Retail Offer (which comprises a Broker Firm Offer, a Priority Offer, and an Employee Gift Offer).
The final price per share will be determined at the conclusion of a book build process and will be announced on or around 5 December 2013. The final price may be set within or above the indicative price range of $2.05 to $2.35 per share.
I don’t wish to spend $20000 to enter the Priority Offer, so how am I able to buy shares through the Broker Firm Offer?
I have read the prospectus, this is not made clear.
What happened to the good ol days of putting a target amount, awaiting the bookbuild and seeing what the result was of how many shares you would end up with?
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