MAP Active, the Indonesian sporting goods retailer backed by CVC Capital Partners, is planning to tap the domestic public market targeting to raise up to Rp 1.3 trillion ($91.9 million) from the IPO.
In a press release, the company said, it plans to sell around 550,000,000 new shares or equivalent to 18.49 percent of its stake at a price range of between Rp 2,000 to Rp Rp 2,400 per share.
Map Active, whose formal name is PT MAP Aktif Adiperkasa (MAA), is the sports subsidiary of Mitra Adiperkasa (MAP), Indonesia’s largest retailer of foreign brands.
MAP Active has a portfolio of 50 international brands, including Skechers, Reebok, Converse, Onitsuka Tiger, New Era, Rockport and Payless.
It claims presence in 64 Indonesian cities through more than 850 sports & kids shops nationwide including Planet Sports, Sports Station, Kidz Station, Golf House, Planet Sports, Planet Kids and Planet Sports for women. In 2018, it plans to add another 100 new outlets in the country.
According to MAP Head of Corporate Communication, Fetty Kwartati, MAA will be using 90 per cent of the proceeds to repay some of the non-interest bearing bonds issued for Asia Sportwear Holding Pte.Ltd., while the remaining 10 per cent will be used finance (the company’s) working capital.
“By reducing the number of outstanding debts, it is hoped this IPO will strengthen the capital structure of MAA to support its growth,” Kwartati said.
Rumors of Map Active’s plan to IPO had been circulating among local media since last year as it was understood that CVC Capital had expressed its desire to exit the company by 2020.
The UK-based private equity firm owns a significant minority stake in MAP Active, having struck a deal with the company back in June 2015 – likely to be an investment made out of the firm’s fourth Asia Pacific fund (CVC Asia Fund IV), which was closed in May 2014.
Last month, DEALSTREETASIA reported that CVC Capital is targeting to raise up to $5 billion for its fifth Asia Pacific fund, according to information from people with knowledge of the plan.
Also Read:
Chinese sportswear retailer Pou Sheng receives $1.4b privatisation offer
Exclusive: CVC Capital Partners is said to seek up to $5b for fifth Asia fund
IPO Digest: Jaya Trishindo targets IDX listing; Vonex builds up public issue plans
