CVC-backed Indonesian sports retailer targets $94m IPO
MAP Aktif Adiperkasa, an Indonesian sports retailer that counts CVC Capital Partners as a minority shareholder, is planning to raise up to IDR1.32 trillion ($94 million) through a domestic IPO.
The company will sell 550 million shares at IDR2,000-2,400 apiece, according to a filing by its parent, diversified lifestyle products retailer Mitra Adiperska (MAP). This would value the business at approximately IDR7.1 trillion. CVC will not make a partial exit through the offering, with the proceeds earmarked for debt repayments and working capital.
MAP Aktif operates more than 900 stores across 70 cities in Indonesia. It plans to open around 100 new outlets this year. The company’s stores have different themes, ranging from specialist retailers Golf House, Soccer Station and The Athlete’s Foot to generalists like Planet Sports and Royal Sporting House. The latter are multi-brand outlets within Matahari Department Store. There are also concept stores for individual brands. MAP Aktif stocks more than 50 international brands in total.
The company booked revenue of IDR5.1 trillion in 2017 and net profit of IDR285 billion. CVC completed the acquisition of a significant minority stake in MAP Aktif in June 2015, committing capital through its fourth Asian fund, which closed at $3.5 billion the previous year. MAP said it had issued a CVC subsidiary with an option for 30% of MAP Aktif, to be mandatorily exercised when the company lists.
The private equity firm has secured public market exits from two other Indonesian portfolio companies. Matahari Department Store completed a re-IPO – it was already listed but only 1.8% of the business was in a public free float – in 2013, and then broadband and cable TV operator Link Net went public the following year. CVC still holds a stake in Link Net.
MAP has 1,923 outlets in Indonesia covering fashion, food and beverage, children’s wear, department stores, and sports. It has the domestic franchise rights to retail brands such as Sogo, Zara, Swarovski, Marks & Spencer, Starbucks, Burger King, and Krispy Kreme. Two years ago, General Atlantic invested IDR1.1 trillion in MAP’s food and beverage unit.
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