JAKARTA - The conglomerates that own Indika Energy are preparing to bring one of their business entities, namely NET TV, to the Indonesian Stock Exchange (IDX) by conducting an initial public offering (IPO). PT Net Visi Media Tbk, the holding company that manages the television station NET TV, will be listed on the Indonesia Stock Exchange (IDX) on January 25, 2022, and will use the issuer code NETV.
NET TV appeared on the small screen after Indika's owner acquired a 100 percent ownership stake from PT Televisi Anak Spacetoon in 2013. Spacetoon broadcasts on terrestrial networks also changed its name to PT Net Mediatama Televisi or NET TV.
NET TV's ultimate shareholder is Agus Lasmono Sudwikatmono who currently serves as President Commissioner of PT Indika Energy Tbk (INDY). Agus Lasmono, is the owner of PT Indika Inti Investindo, a company listed as controlling INDY with 37.79 percent ownership as of November 30, 2021.
If you look at the last name of Agus Lasmono, he is the son of a famous conglomerate in the New Order era, Sudwikatmono. Indirectly, the youngest of the four siblings is the owner of 65.12 percent of PT Sinergi Lintas Media, the company that controls NET TV.
A total of 9.88 percent of PT Sinergi Lintas Media's shares are again held by PT Media Buana Sejahtera. The remaining 25 percent is controlled by PT Teladan Investama. This is a company owned by the family of conglomerate Wiwoho Basuki Tjokronegoro.
Through PT Teladan Resources, Wiwoho Basuki Tjokronegoro is the holder of 30.65 percent of INDY's shares. Wiwoho Basuki Tjokronegoro's son, Indracahya Basuki, now serves as a Commissioner at Indika Energy.
Meanwhile, his son-in-law, Wishnu Wardhana, was previously appointed as President Director of INDY and Commissioner at PT Kideco Jaya Agung and PT Mitrabahtera Segara Sejati Tbk (MBSS). Now, Wishnu Wardhana holds the position of President Director at PT Teladan Resources.
The IPO NET TV is not only an attempt by the conglomerate that owns INDY to raise funds from investors but also a way to convert jumbo debt into shares. The number of shares offered to public investors is only 765,306,100 shares, equivalent to 4.37 percent of the issued and fully paid capital in NET TV after the IPO.
Referring to the initial IPO prospectus, the offering price ranges from Rp190 - Rp196 per share. As a result, the maximum amount of investor funds that can be obtained is around Rp150 billion.
Simultaneously with the IPO, NET TV issued 5,935,988,956 new shares in the context of converting debt into shares, or a total of 25.31 percent of the issued and fully paid capital after the IPO and implementation of the conversion.
First, all claims owned by PT Indika Inti Holdiko were converted into 1,803,335,894 shares. Based on the shareholder loan agreement, NETV obtained a principal loan from Indika Inti Holdiko of around Rp353.45 billion. The conversion price is Rp196 per share.
Second, the Mandatory Convertible Bonds (MCB) that NETV has issued to PT Spirit Bambu Runcing and PT First Global Utama, each amounting to 2,066,326,531 shares.
The value of the company's debt, both to PT Spirit Bambu Runcing and PT First Global Utama, which were converted into NETV shares, amounted to Rp405 billion each, or when converted using the benchmark Rp196 per share.
PT Spirit Bambu Runcing is a company affiliated with Tokopedia. Initially, NET TV signed the MCB Subscription Agreement with PT Tokopedia on November 15, 2017. A year later, on August 13, 2018, Tokopedia transferred all of the debt to PT Spirit Bambu Runcing.
Apart from that, NET TV will also hold a Management and Employee Stock Option Plan (MESOP). The maximum amount is 703,595,300 shares, equivalent to 2.91 percent of NET TV's fully paid-up and issued capital after the IPO, conversion, and MESOP.
It is planned that 53 percent of the IPO proceeds will be used for a capital deposit to PT Net Mediatama Televisi to pay a portion of the loan and program creation and purchase.
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The loan, which was partially paid in principal, was to PT Bank CIMB Niaga Tbk (BNGA) amounting to Rp35.70 billion. As of November 1, 2021, the principal balance of the loan reached around Rp928.62 billion.
NET TV will also use IPO funds of around Rp9.30 billion to pay part of its debt to PT Bank Artha Graha Internasional Tbk. As of November 1, 2021, the principal balance of the loan reached Rp241.76 billion.
Then, about 18.5 percent of the IPO funds will be used in the artist management industry such as costs for developing artist skills and skills as well as operational costs. The remaining 28.5 percent will be used for a capital deposit to PT Net Media Digital as the company's subsidiary to pay for loan facilities as well as program creation and purchase.
PT NH Korindo Sekuritas will act as the implementing underwriter and the underwriter will be determined later.
The following is the estimated schedule for IPO NET TV:
Estimated Bookbuilding Period: December 27, 2021 - January 3, 2022
Estimated Effective Date: January 14, 2022
Estimated Offer Period: January 18, 2022 - January 21, 2022
Estimated Allotment Date: January 21, 2022
Estimated Distribution Date: January 24, 2022
Estimated Listing Date on the Indonesia Stock Exchange: January 25, 2022
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