CVC-backed retailer prepares $300mn IPO

Bloomberg

MAP Active, the Indonesian sporting goods retailer backed by CVC Capital Partners, is planning a domestic initial public offering that could
raise about $300 million, people with knowledge of the matter said.
The company, which is a unit of Jakarta-listed PT Mitra Adiperkasa, aims to sell shares as soon as next year, according to the people. It has invited banks to pitch for a role on the deal, the people said, asking not to be identified because the information is private.
MAP Active sells more than 50 international brands at its network of over 850 outlets
in Indonesia, according to
its website. It runs concept stores for brands including Oakley and Converse, in addition to Carter’s children’s clothing stores and Claire’s jewellery outlets.
The company joins snack producer GarudaFood and toilet brand Toto Ltd.’s local distributor in planning to raise funds in the equity market. Indonesia’s benchmark Jakarta Composite Index has risen 14 percent this year, riding a global stock rally to hit new all-time highs this month.
In June 2015, CVC Capital completed the purchase of
a significant minority stake
in MAP Active, whose formal name is PT MAP Aktif Adiperkasa. The listed parent company Mitra Adiperkasa, which runs Sogo and Seibu department stores in Indonesia, has a market value of about $801 million.
Fetty Kwartati, the corporate secretary of Mitra Adiperkasa, didn’t respond
to phone calls and messages seeking comment.
A representative for CVC declined to comment.