HONG KONG — Australia’s second largest media group, Nine Entertainment, is to launch an initial public offering, it was announced Monday. The company, which owns free-to-air broadcaster Nine Network, expects to raise A$697 million ($660 million) of fresh capital, and have an initial market capitalization of A$2.2 billion ($2.09 billion).

Nine is owned by a collection of private equity funds, which gained control last year in a debt for equity swap. It was previously controlled by James Packer.

The flotation comes just a year after the company avoided going into administration, the local version of Chapter 11.

“We are excited about the initial public offering and providing new shareholders with exposure to our leading integrated portfolio of complementary media businesses,” David Gyngell (pictured), Nine Entertainment’s chief exec, said in a statement.

“A listing on the ASX will help us to continue our strong momentum and consolidate our position as a leading free-to-air TV network in Australia, maintain our strong industry position and expand the Nine Events business.”

Nine also owns ticketing services operator Ticketek and Australia’s largest indoor music venue.