Cinema XXI Raises Rp2.25T After IPO

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TEMPO.CO, Jakarta – Indonesian cinema chain operator, PT Nusantara Sejahtera Raya (Cinema XXI) raised about Rp2.25 trillion after pricing its initial public offering today at Indonesian Stock Exchange (IDX). The Director of Cinema XXI Hans Gunadi sold 8.33 billion of its share at Rp270 each, equal to 10% of its issued capital.

Regarding the utilization of the IPO funds, the company plans to use 65% of it to fund the development of the movies by increasing the screen numbers by 10% each year until five years ahead. Further, around 15% of the IPO income will be used to support the company’s business activities, while the rest 20% will be used for early payments of debt.

“According to the survey of Euromonitor International at the beginning of 2023, Cinema XXI will be the biggest cinema chain in Indonesia in terms of box office grossing, number of audiences, and screen numbers,” said Hans in Jakarta on Wednesday, August 2, 2023.

The company is optimistic about its prospect in the development of Indonesian cinema, as reflected in the investment potential during their IPO sessions from July 27-31, 2023. “The funding received after the IPO will boost the development of CINEMA XXI networks in Indonesia,” said Hans.

The Director of Mandiri Sekuritas Oki Ramadhana said that the CNMA  stock is over-subscribed 25.7 times. Therefore, according to Oki, the pooling allocation has increased from 2.5% to 12.5% in all of the stocks offered by CINEMA XXI in its IPO.

In the first quarter of 2023, the company’s income increased by Rp247.6 billion or 39% to Rp883.2 billion compared to the same period in 2022. The increase was caused by the cinema’s business activities such as food and beverages and advertisements.

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