Nine Network to do IPO at the ASEX
The firm that owns Nine Network would start trading on the Australian Securities Exchange by December 6. This comes a year after a major debt financing accord was entered into by the company.
With the share float, Nine Entertainment Co. Holdings would have a market capitalization of AUD1.93 billion and AUD2.17 billion. The company owns both Nine Network and Ticketek. For investors qualifying to purchase the shares, the share price range is between AUD2.05 and AUD2.35 per share.
According to Nine Entertainment CEO David Gygnell, the listing would help the company retain its market position as well as grow its events business through Ticketek. On the other hand, the ninemesn websites are maintained by Mi9.
He said, "A listing on the ASX will help us to continue our strong momentum and consolidate our position as a leading FTA (free to air) television 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."