German cable operator Tele Columbus eyes IPO by year-end
Tele Columbus, which describes itself as Germany's third-biggest cable network operator, said on Tuesday it is planning to go public and raise at least 300 million euros ($380 million).
"We plan to list our shares on the regulated or prime standard market of the Frankfurt stock exchange by the end of the year, depending on the market environment," Tele Columbus said in a statement.
The initial public offering (IPO) will comprise both shares from a capital increase and shares to be sold by existing shareholders, the company explained.
"We expect to raise at least 300 million euros from the capital increase, which will be used to reduce current liabilities and enable us to pursue our growth strategy," it added.
Tele Columbus says it provides cable services to 1.7 million households in Germany and has annual revenues of 208 million euros.
The country's leading operator, Kabel Deutschland, had tried to take over Tele Columbus a few years ago for 600 million euros, but the deal was blocked by the competition authorities.
A number of companies are planning IPOs on the Frankfurt stock exchange this year, including online fashion retailer Zalando and start-up incubator Rocket Internet.
© 2014 AFP