Pay-TV operator OSN will start its IPO within weeks. Faisal Al Ayyar, Deputy Chairman of KIPCO, a major investor in OSN, said he hoped the bourse listing would be completed by the end of this year. KIPCO, an investment house with stakes in media, industrial, financial and real estate companies, said in June last year it was […]
Pay-TV operator OSN will start its IPO within weeks. Faisal Al Ayyar, Deputy Chairman of KIPCO, a major investor in OSN, said he hoped the bourse listing would be completed by the end of this year.
KIPCO, an investment house with stakes in media, industrial, financial and real estate companies, said in June last year it was planning to list OSN. It currently has a 60.5% stake.
“We start the process within a few weeks,” Al Ayyar told reporters on the sidelines of KIPCO’s annual general meeting and indicated that the listing may happen in London.
Al Ayyar said KIPCO had around $700 m in annual revenues which he expects to double over the next three years.
Last year brokerage Arqaam Capital said it had raised its valuation of OSN to $4.3 bn from the previous estimate of $2.5 bn, an increase of 72%.
Al Ayyar said KIPCO expected group revenues and profit to grow by a double digit percentage each year over the next three years.
KIPCO reported a 75% rise in fourth-quarter net profit in February, saying OSN had performed strongly.
