Indonesian cinema chain backed by Singapore-based firm eyes IPO in Q1 2014
JAKARTA (Reuters) - Indonesian movie theatre chain Blitzmegaplex aims to kick off an initial public offering in the first quarter of this year to raise funds to build 15 cinemas at a cost of about US$35 million (S$44.5 million) as it tries to fend off rising competition.
If successful, it would be the first cinema chain to list on the Jakarta stock exchange. Blitzmegaplex, which is backed by Singapore-based private equity firm Quvat Management, is the second-biggest cinema operator in Indonesia behind 21 Cineplex.
The battle of the silver screens in Southeast Asia's biggest economy is set to intensify as Indonesian conglomerate Lippo Group, controlled by the Riady family, plans to launch its first cinema this year.
Blitzmegaplex aims to boost the number of its cinemas to 25 in the next three years from 10 currently, Director Brata Perdana told reporters on Wednesday.