Japan's Sky Perfect Communications, which operates the Sky PerfecTV communications satellite platform, expects to raise more than $1.019bn (Y110bn) via its initial public offering (IPO) scheduled for October 20.
Sky Perfect intends to list its shares on the MOTHERS market of the Tokyo Stock Exchange. If it reaches its target figure, Sky Perfect's IPO will be the largest ever on Japan's three markets dedicated to new venture companies. It plans to issue 400,000 new shares, each with a face value of $463 (Y50,000).
Sky PerfecTV has been aggressively acquiring programming since its launch in 1996, burning through investor money at a fearsome rate. At the end of June, its accumulated losses stood at $719m (Y77.7bn). The platform's biggest recent programming coup, however, is the acquisition of the satellite broadcasting rights to the 2002 World Cup soccer games, which are being co-hosted by Japan and South Korea.
News Corp's 10% stake in Sky PerfecTV is being included in the impending flotation of Rupert Murdoch's global satellite platform, Sky Global Networks. Sky PerfecTV's other shareholders include Sony, Fuji TV, Itochu, Softbank and Hughes Electronics.