Nine Entertainment may raise AUD294 million based on price range

November 4
6:30 AM 2013

In its prospectus made available on its website, Nine Entertainment Co. could raise AUD294 million in its planned initial public offering. Nine's IPO would be the biggest public listing on the Australian Stock Exchange in three years. The shares of the entertainment company would be priced on December 5 and would start trading the day after.

Nine had priced its shares at AUD2.05 to AUD2.35 per share. Based on its price range, Nine would be raising around AUD294 million from selling 125 million new shares and 179.7 million existing shares. The share sale would value Nine at over AUD2.77 billion, including debt.

Nine was taken over last year by a consortium of funds including Apollo Global Management LLC and Oaktree Capital Group LLC. The debt-for-equity swap had essentially doluted previous owner CVC Capital Partners Ltd's majority investment.

The proceeds from the IPO would go towards paying its corporate debt and return equity to shareholders.

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