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Nine Entertainment, Owners Seek Up to A$697 Million in IPO

Nine Entertainment Co. and its owners are seeking as much as A$697.3 million ($660 million) in Australia’s largest initial public offering in almost three years to repay debt and return funds to existing investors.

Nine will sell 125 million new shares and 179.7 million existing shares at A$2.05 to A$2.35 apiece, the Sydney-based company said today in a prospectus published on its website. Nine, which will have a market capitalization of as much as A$2.2 billion after the IPO, will raise as much as A$294 million from the sale of new stock, based on the price range.