Malaysia-based online streaming platform iFlix, which counts several corporates as investors, is postponing plans for an initial public offering in Australia in order to raise more funding, DealStreetAsia reported on Friday.
The company is targeting $50m and intends to raise the cash from its existing investors, multiple industry sources told DealStreetAsia. It had reportedly hired Macquarie Capital and UBS as joint lead managers for an IPO expected to take place on the Australian Securities Exchange in 2019.
Founded in 2014 by internet company Catcha Group, iFlix is the owner of an online streaming service that offers customers access to thousands of films and television shows.
The service targets customers from emerging markets in South and Southeast Asia and the Middle East but sold its African business to Econet Global in late 2018.
The company told DealStreetAsia in a statement: “For legal reasons, we cannot comment publicly about any IPO. As far as funding goes, there is no specific additional round, but we are always talking to strategic partners.”
The last reported funding for iFlix was in July 2019, and DealStreetAsia cited a regulatory filing stating it had raised $50.5m in series C and convertible note financing over the course of the year.
Investment and financial services firm Fidelity led the 2019 round, which included previously announced funding from media companies JTBC and Media Nusantara Citra (MNC) as well as talent agency Yoshimoto Kogyo.
The company had previously received approximately $308m from media groups Liberty Global, Sky and Hearst, telecommunications firms Philippine Long Distance Telephone Company (PLDT) and Zain Group, Evolution Media Capital, EDBI, Jungle Ventures and clients of financial services firm DBS.
