Australia's Nine Entertainment set to raise some A$600 mln in IPO - source
SYDNEY Oct 31 (Reuters) - Media and entertainment group Nine Entertainment Co Pty Ltd is set to raise some A$600 million ($569 million) in an initial public offering and is expected to list on Dec. 6, a person familiar with the process said.
The IPO is expected to be the biggest by an Australian company this year and comes at a busy time for new listings Down Under.
Shares will be offered in an indicative price range of A$2.05 to A$2.35 a share, giving the company a market capitalisation of A$1.9 billion to A$2.2 billion, the person said.
Hedge fund Oaktree Capital Group, which owns some 28 percent of Nine is expected to offload between 20 percent and 40 percent of its stake. Apollo Global Management, its other major stakeholder, is expected to hang on to all of its holding.
The IPO prospectus will be lodged on Monday.
A spokeswoman for Nine declined to comment.
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