Tokopedia to own 8.5% stake in local TV station after latter’s IPO

Indonesian ecommerce powerhouse Tokopedia is set to own 8.5% of PT Net Visi Media, which runs local television station Net TV, as the latter goes public on the Indonesian stock exchange on January 25, 2022.

Photo credit: Tokopedia

Yesterday, PT Net Visi Media said in its prospectus that it would offer over 765 million of its shares – 3% of its enlarged share pool – in the IPO, which is priced between 190 to 196 rupiah (around US$0.013 to US$0.014). The firm aims to raise up to 150 billion rupiah (around US$10.5 million) via the listing.

In November 2017, the media company inked an agreement with Tokopedia to transfer convertible bonds worth 405 billion rupiah (around US$28.5 million) to the ecommerce giant. These bonds were later transferred to Tokopedia’s subsidiary, PT Semangat Bambu Runcing.

According to the agreement, the conversion of the bonds to equity will be executed at the same time as PT Net Visi Media’s IPO.

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PT Net Visi Media has several subsidiaries in the media business but 95% of its revenue still comes from its television station arm, Net TV.

Meanwhile, Tokopedia has joined hands with Gojek to build a bigger ecosystem under the banner of GoTo Group.

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,223 rupiah