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Indonesian movie chain Cinema XXI operator eyes up to $300m in IPO

Company seeks to complete initial public offering by early next year, sources say

Cinema XXI is Indonesia's largest theater chain. (Source photo by Getty Images and logo from Cinema XXI's website)

JAKARTA/SINGAPORE -- Jakarta-based Nusantara Sejahtera Raya, which owns the country's largest cinema chain, Cinema XXI, is said to be targeting to raise up to $300 million in its initial public offering by early 2024, according to several sources familiar with the matter.

The company is aiming to complete the IPO by early 2024 before the upcoming Indonesian general elections later in the year, the people mentioned above added.

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