Jakarta, Indonesia – 8 July 2019
PT MNC Vision Networks (“IPTV” or “the Company”) is officially listed on Indonesian Stock Exchange under the ticker symbol “IPTV”. The Company’s initial public offering price is set at Rp240 per share, representing 3,522,000,000 new shares of its common stock or 10% of adjusted share capital post-IPO, which puts the Company’s valuation post – IPO at Rp8,450 billion.
Each share will be entitled to one warrant to purchase one share of the Company at a price of Rp288. Post IPO, MNC Group still retains a controlling 90% stake in IPTV, before any exercise of the warrant. Assuming all warrants are exercised, MNC Group will control 80% of the Company.
IPTV intends to use the net proceeds from the offering for the development of fixed broadband/IPTV, development of the Company’s OTT platform, including for the production of original content, and working capital.
IPTV main business lines comprise of Pay-TV, fixed broadband/IPTV, and digital content services, through its subsidiaries, namely PT MNC Sky Vision Tbk (MNC Vision), PT MNC Kabel Mediakom (MNC Play), PT MNC OTT Network (MNC Now), and PT Nusantara Vision (NV).
MNC Vision is the market leader in the DTH-based pay TV business with a market share over 90% and has a customer base of around 2.4 million as of December 31, 2018. MNC Vision targets customers in medium and small cities. While, MNC Play focuses on providing fixed broadband / IPTV services and is the third largest player in Indonesia with a total customer of 262 thousand as of December 31, 2018. The Company’s OTT platform, MNC Now, serves as an added benefit for MNC Vision and MNC Play subscribers to gain access to their favorite shows anywhere and anytime. The number of registered customers of MNC Now is currently close to 3,000,000, growing rapidly since the first launch in February 2018. Currently, MNC Now obtains a fair share of its revenue from advertisement and paid video content.
The Company has initiated the following strategies to be implemented by IPTV to trigger further growth:
Comments from Ade Tjendra, President Director of IPTV:
“With the above strategies, the Company believes that it will maintain its leadership in the Pay TV, IPTV/fixed broadband and OTT market due to its end to end services covering the whole spectrum of conventional to digital Pay TV services with superior content.”