NUSANTARA Sejahtera Raya, the operator of Indonesia’s largest movie theatre chain Cinema XXI, seeks up to 2.4 trillion rupiah (S$214.5 million) in an initial public offering (IPO) to expand its operations.

The company will offer as many as 8.34 billion shares at prices ranging between 270 rupiah and 288 rupiah apiece, according to a prospectus published in a local newspaper on Friday (Jul 7). Book-building is scheduled from Jul 10 to Jul 14, and a listing on the Jakarta stock exchange is set for Aug 2.

Shareholders Harkatjaya Bumipersada and Adi Pratama Nusantara plan to sell a 10 per cent stake via private placement on the listing date. JP Morgan Sekuritas Indonesia, UBS Sekuritas Indonesia, Indo Premier Sekuritas and Mandiri Sekuritas are the underwriters.

Most of the proceeds will be used to expand Cinema XXI’s network, while 20 per cent will be for an early repayment of debt to Bank Rakyat Indonesia. As at last year, the movie theatre chain operates 1,216 screens across Indonesia. BLOOMBERG