Nine IPO to seek $1.2bn: report

Broadcaster nears deal with banks, hopes to float by end of 2013.

Nine Entertainment Co hopes to raise up to $1.2 billion through its initial public offering (IPO), and is nearing a deal with banks to handle the float on the Australian Securities Exchange (ASX), according to The Australian.

The broadcaster hopes to float by the end of 2013 and is targeting between $800 million and $1.2 billion, the report added.

Nine's owners, hedge funds Apollo and Oaktree, could sell down up to half of their holdings in the float.

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