The company, better known locally as J-Com, is partly owned by Microsoft and US cable group Liberty Media International, and is floating shares at a tentative price of 70,000 to 80,000 Yen ($665 to $760). The final price will be set in mid-March.
Worth around 105bn Yen ($0.9bn), the flotation represents 34 times the company’s estimated earnings per share for the year to December 2005. The offer puts the market cap of J-Com at a plum 508bn Yen ($4.8bn).
If J-com meets its target it will be Japan’s largest IPO so far this year, surpassing the 27bn Yen ($0.2bn) by advertising firm Hakhodo DY Holdings Inc by a fair stretch.
In contrast J-Com’s nearest rival Sky Perfect Communications Inc is valued at 198bn Yen ($1.8bn).
J-Com broadcasts around 50 channels including CNN International and the Discovery Channel via analogue and over 100 channels via digital systems.
Last year the company reported a profit of 14bn Yen ($0.1bn) and revenue of 185bn Yen ($1.7bn).
