Philippines-based media and entertainment company Viva Communications, is mulling an IPO of its holding company Viva Holdings in 2024 to raise at least $250 million, reported Nikkei Asia on Friday.
The share sale could value the group at $1 billion, said Vincent del Rosario, president of Viva Communications. The company may also opt to list its subsidiaries instead of the holding company, Rosario added.
The company has engaged BDO Capital and Investment as the underwriters in the IPO.
Founded in 1981, Viva offers content and programs in various multi-media formats, such as film, music, video, cable television, artists and concerts. The company owns recording studios and operates an artist’s agency that offers acting, singing, and dancing facilities for advertising agencies, company events, hotels, and music lounge.
Viva operates Pinoy Box Office (PBO), Tagalized Movie Channel (TMC), Celestial Movies Pinoy (CMP), Sari- Sari and Viva TV for the Philippine market and distributes top international Pay TV channels like History, Lifetime, FYI, CI, H2, Blue Ant Entertainment, BlueAnt Extreme and Comedy Central.
Other IPOs in the pipeline in the Philippines include that of Citicore Renewable Energy Corp, one of the Philippines’ biggest solar power producers, that announced its plan to go public this year to fund a $4 billion investment in new solar projects. Philippine holding firm Prime Infrastructure Capital also plans to go public this year.