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Nine Entertainment to raise AUD643 million in Australia's second-biggest IPO this year
Australian media company Nine Entertainment Co. and its owners plan to raise AUD643 million (USD582 million) in its initial public offering. Nine's IPO is Australia's second-biggest listing this year.
Bloomberg in a report said Nine will be selling its shares that were priced at AUD2.05 apiece. It initially priced the offering at AUD2.05 to AUD2.35 per share. The deal will give the company a market capitalization of AUD1.93 billion.
The IPO values Australia's second-largest media company at about 8.3 times its estimated earnings before interest, tax, depreciation and amortization for the 12 months through June 2014, including debt, the report said.
Private equity firms Apollo Global Management LLC, Oaktree Capital Group LLC and other funds took control of Nine from previous owner CVC Capital Partners Ltd. last year, Bloomberg said.
According to the report, Oaktree will cut its stake to 14.3% from 27.8% while Apollo's holding will be reduced to 22% from 25.6% in the IPO. Other funds will trim their collective holding to 30.2% from 46.5%.
Nine will start trading on December 6, Bloomberg said.