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Monday, April 28, 2008

Digital TV Cyfrowy Polsat sets IPO price, values offer at EUR 246mn.





Digital TV Cyfrowy Polsat sets IPO price, values offer at EUR 246mn. The initial public offering of the country’s largest digital TV operator Cyfrowy Polsat will amount to around PLN 839mn (EUR 246mn). According to a press release issued by Cyfrowy Polsat, the offer's share price was set at PLN 12.5 (EUR 3.66) per share, thus roughly in the middle of the previously stated PLN 10.8-13.8 range. All the shares will be offered by Cyfrowy Polsat's current majority owner - Polaris Finance BV - an SPV of Zygmunt Solorz-Żak (owner of TV broadcast company Polsat). Of the total, 6.5mn shares will be sold to individual investors, while the rest will be directed at invited institutional investors. Of this second tranche, over 30.7mn shares will be offered internationally. Polaris Finance will introduce the shares on the bourse, while UBS Ltd will the offering's manager. The latter will have an option to sell a maximum 10% of the shares offered globally to stabilize the share price. The option is valid for 30 days from the IPO date. All of the current shareholders will have a 180-day lock-up period for their stakes. Also, Cyfrowy Polsat will not carry out a new share issue within that time. ISB


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