The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
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.

Top of the range

The stock was priced at the top of a €24 to €28 range, bringing Premiere's market capitalization to €2.3 billion. The deal generated more than €14.6 billion of demand, making the overall offering 12 times oversubscribed.

Investor sentiment towards the company's strong management and growth potential could be seen in aftermarket performance.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree