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Banking

Premiere's must-see IPO

Having recorded a loss of €1.5 billion in 2001 and been bought out by Permira in 2003, pay-TV operator Premiere has now completed the most successful IPO of a Germany company since 2000

€1.179 million IPO of Premiere
Global coordinators/bookrunners: CSFB, HVB, Morgan Stanley
Date: March 8 2005

Pay-TV operator Premiere injected much-needed confidence into the German IPO market last month with the country's largest ever media IPO. Its debut on March 8 2005 was an important test for market sentiment.

"The German IPO market has been rather skittish for the past few years, with transactions either being downscaled or abandoned," says Marco Illy, head of investment banking for Germany, Switzerland and Austria at CSFB.

The last three German IPOs, from Paion, Epigenomics and Deutsche Postbank, were all forced to revise their price range downwards.

By contrast, "this deal was hugely successful", Illy says. It was the largest non-public-sector IPO since March 2000 and no other German IPO has priced at the top of the price range since February 2001.

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