JAKARTA - Indonesian television broadcaster PT Visi Media Asia plans to list shares later this month and ultimately raise around $80 million, which it will use to create more channels and websites to target the country's growing middle class.

The company, also known as Viva, expects its long-delayed initial public offering to be approved by regulators next week, which would allow the company to list the following week, said Erick Thohir, Visi Media Asia's chief executive. He said the company, which manages Indonesia's most-watched news channel, would raise around $50 million from the IPO which was oversubscribed by more than five times, and then another $30 million by issuing warrants later in the year.

The small issue will be one of the few ways that investors can get exposure to the emerging Indonesian consumer.

Visi Media Asia's advertising revenues climbed 23% last year and will likely climb more than 20% this year and next year as well, he said, as consumer-goods makers seek to reach the growing number of viewers on its news channel tvOne and entertainment channel ANTV.

The tvOne channel has become Indonesia's most watched news channel by trying to make news more friendly and fun, often by using a talk-show format. Visi Media also manages one of Indonesia's most popular news portals, Viva News.

"The way we provide the news is different than other TV stations," Mr. Thohir told The Wall Street Journal. "We inform and entertain like 'Good Morning America,' but it's for the whole day."

Visi Media is controlled by the Bakrie Group, Indonesia's largest conglomerate which has interests in everything from coal to telecommunications. News Corp, which publishes the Wall Street Journal, owns 7.5% of the company. The offering was delayed by earlier market volatility and then by a ruling from the country's securities regulator.

Indonesia is Southeast Asia's largest economy and has been expanding at an average of close to 6% a year for the past four years. Growth in the 17,000-island archipelago has been helped by soaring prices for its natural resources as well as growing demand from the increasingly confident middle class.

In the 10 years to 2009, the size of Indonesia's middle class more than doubled to 93 million people of more than 230 million, according to estimates by the Asian Development Bank. Nomura Research projects that Indonesia's middle class could expand to more than 150 million people in the next four years.

Visi Media plans to target more of that middle class by launching a 24-hour sports channel as well as boosting the number of comedies it produces. Interest in prime-time soap operas , which powers viewership on most Indonesian channels, is showing signs of leveling off, Mr. Thohir said. []