Patrick Frater Asia Bureau Chief Indonesia’s largest cinema chain Cinema XXI could be heading to the stock market through an IPO by early next year.
Early details were reported by the Nikkei newspaper citing its finance industry partner publication Dealstreet Asia. They said that the company may seek to raise $300 million of fresh capital.
Last year, financial news service Bloomberg said that Cinema XXI ‘s owners were seeking to raise $500 million-$1 billion through an IPO.
The reasons for the large discrepancy are unclear. The company holds a 60% market share of Indonesia’s cinema exhibition industry and, as of December 2022, operated 225 cinema venues with a total of 1,217 screens.
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