JAKARTA. PT MNC SkyVision, Indonesia’s largest pay-TV provider, achieved slow-but-sure growth in its initial stock trading Monday on the Indonesian Stock Exchange (IDX).

Shares in MNC SkyVision (MSKY) opened at Rp 1,530 (16 US cents) apiece, a 0.65 percent increase from its initial public offering (IPO) price of Rp 1,520. As of 10:57 a.m., the stocks have surged 60 points to Rp 1,580 apiece.

SkyVision released 20 percent of its enlarged sales, or 1.41 billion shares, to the public. During IPO sales from June 29 to July 3, the company yielded US$228 million. The company claimed that its IPO was oversubscribed by more than double.

“Such stock demand indicates a successful IPO conducted by our company. Supported with funds derived from the IPO, we believe we’ll achieve an even better performance in the future,” stated the firm’s president director, Rudy Tanoesoedibjo, in a press release on Sunday evening.

“We are upbeat that MNC SkyVision can generate a very positive yield for our investors in the upcoming years.”

From April to May, MNC SkyVision recorded 89,000 new subscribers, making a total of 1.35 million customers.

“This year, we aim to get about 2.5 to 2.7 million subscribers,” said Rudy previously.

The firm booked Rp 1.74 trillion in revenue last year, up 23 percent from Rp 1.41 trillion in 2010.

However, the firm’s net profits last year plunged more than half to Rp 65 billion due to the rupiah’s depreciation against the greenback, stated the firm’s chief financial officer, Effendi Budiman, previously.

The company targets up to Rp 2.4 trillion in revenues this year.

MNC SkyVision remains a leading player with 70 percent of the market share in the country’s pay TV. Its two brands, Indovision and TopTV, are placed as the first and the second most highly subscribed pay-TV services.

MNC SkyVision is a subsidiary of PT Global Mediacom (BMTR), Indonesia’s largest media company owned by media mogul Hary Tanoesoedibjo. (The Jakarta Post)

Editor: Edy Can