Poland/Enterprises/Media/IPO
Warsaw (Puls Biznesu) – ITI, the media holding owning 90 percent of TVN TV broadcaster, wants 27 percent of its subsidiary stock to be listed. 18 million shares will be offered, including 15.3 million to institutional investors and 2.7 million to small investors. Subscription starts on November 22nd. The offer will be closed on December 6th.
Details of the offer remain a secret. Jan Wejchert, ITI CEO and the head of the supervisory board of TVN, said earlier that the offer would amount to USD 100-150 million (EUR 77.8-116.7 million). This means, one share would cost PLN 18-28. No new shares will be issued. ‘We want the smaller shareholders to be able to invest in TVN, and not ITI holding. In the future, TVN could raise funds on the stock exchange’, Jan Wejchert explained.
(USD 1 = EUR 0.778)