Nine Entertainment, an Australian TV media company managed by two hedge funds based in the US, expects to raise a maximum of AUD $1.2 billion from the initial public offering before the end of 2013.

A newspaper report on Wednesday quoted reliable sources as saying that Nine Entertainment hopes to secure around AUD $800 million to AUD $1.2 billion from the sale of stocks that will be listed in the Australian Stock Exchange.

The IPO is seen to be handled by Macquarie and UBS, tentatively scheduled in November or December. Presently, however, Nine Entertainment has yet to appoint a banker.

Apollo Global Management and Oaktree Capital took over majority control over Nine following the AUD $3.6 billion capital input in January to prevent the company from collapsing. The restructuring plan, which allows both Apollo and Oaktree to take a 95.5% stake, was also intended to cut its debts.

Meanwhile, CVC Capital Partners retained its 1% share on Nine. The private equity firm took the brunt of the hit after losing almost all of its investments amounting to AUD $1.8 billion.