Pay-TV shares surge on market debut

9th March 2005, Comments 0 comments

9 March 2005 , MUNICH - Premiere, Germany's only pay-television broadcaster, made a successful stock market debut on Wednesday, with shares immediately selling for EUR 30.50, well above an its offer price of EUR 28. In the biggest public offering in German media history shares were 12 times oversubscribed in a sale set to earn some EUR 308 million for the company. Premiere, which is being listed on the mid-caps MDAX share index, had priced its shares at the top of the range of EUR 24 to EUR 28. "We have re

9 March 2005

MUNICH - Premiere, Germany's only pay-television broadcaster, made a successful stock market debut on Wednesday, with shares immediately selling for EUR 30.50, well above an its offer price of EUR 28.

In the biggest public offering in German media history shares were 12 times oversubscribed in a sale set to earn some EUR 308 million for the company.

Premiere, which is being listed on the mid-caps MDAX share index, had priced its shares at the top of the range of EUR 24 to EUR 28.

"We have reached our target. With this successful public offering Premiere is finally putting the past behind it," chief executive Georg Kofler said.

The flotation marks a remarkable turnaround for Premiere whose heavy losses was one of the reasons for the collapse of the Leo Kirch media empire.

In 2001, the broadcaster reported a EUR 1.3 billion loss but under Kofler's management over the last three years it was able last year to report an operating profit for the first time in its 14-year history. 

DPA

Subject: German news

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