March 17, 2014 / 9:48 AM / 6 years ago

Indonesian cinema operator Graha Layar plans to raise $40.7 mln in April IPO

JAKARTA, March 17 (Reuters) - Indonesian cinema operator PT Graha Layar Prima plans to launch an initial public offering (IPO) in April, aiming to raise up to 462 billion rupiah ($40.69 million) by selling 140 million shares or a 46.11 percent stake.

Graha Layar, which owns the Blitzmegaplex cinema chain, set a price range of 2,800-3,300 rupiah per share. The firm has appointed Indo Premier Securities as underwriter.

The company also entered a debt-to-equity conversion deal with South Korea’s CJ CGV Co Ltd for as much as 200 million shares.

Upon completion of IPO, publicly-owned shares will be as much as 26.41 percent of the enlarged capital.

Graha Layar will use the proceeds to build seven cinemas through 2015. Blitzmegaplex, which is backed by Singapore-based private equity firm Quvat Management, is the second-biggest cinema chain in Indonesia behind 21 Cineplex.

$1 = 11,355 rupiah Reporting by Fathiya Dahrul, Editing by Matt Driskill

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