Private equity-backed Indonesian movie theatre chain Blitzmegaplex plans to list on the Jakarta stock exchange in the first quarter.
The company, which is backed by Singapore-based private equity firm Quvat Management, will use the funds to build 15 cinemas at a cost of $35m, according to Reuters.
Blitzmegaplex expects to increase the number of its cinemas to 25 from 10 currently within the next two years, said director Brata Perdana, according to the report.
“We want to do this IPO for expansion, especially because the number of cinemas in Indonesia is still very lacking,” said Perdana.
Back in October Indonesian investment advisor PT Wellington Capital Advisory said it was seeking $350m for its debut fund.
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