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Nine plans to close the Mi9 deal ahead of its planned IPO, the proceeds of which will be used to pay down debt, people familiar with the matter said. The targeted size of the IPO hasn’t been determined, but will be at least A$500 million, one of the people said.

That would make Nine’s offering Australia’s largest of the year, ahead OzForex Group Ltd., which raised A$413 million, according to data provider Dealogic. This year, US$1.8 billion has been raised in 25 Australian IPOs, according to Dealogic.

Shares in Nine’s rivals have given mixed performances this year. Seven West Media Ltd. and Ten Network Holdings Ltd., the owners of Australia’s only other two commercial free-to-air television networks, rose 43% and fell 1.7%, respectively, while the benchmark S&P/ASX200 has risen 12%.

Nine’s owners have hired Commonwealth Bank of Australia, Macquarie Group, Morgan Stanley and UBS as joint lead managers on the listing, and Deutsche Bank AG and Nomura Holdings Inc. have secured co-manager roles, the people said.

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