PRINT THIS PAGE IPO of Permira's German pay-TV Premiere raises €1bn09/03/2005. Source: AltAssets. 
 The IPO of Permira-backed German pay-TV Premiere has attracted heavy demand, allowing a top-end share price of €28, which will raise €1bn. This IPO is the first major flotation in Germany since Postbank in the summer of 2004 and it could - if regarded as successful - encourage further flotations in 2005. Premiere's IPO is also an important exit for Permira.
Premiere, which was part of the Kirch media empire until it collapsed in 2002, is the largest pay-TV broadcaster in Germany. Under Permira's auspices, the firm has undergone a major turnaround and a return to profitability.
Besides Permira, Premiere's shareholders include HVB Group, BayernLB and Premiere chief executive officer Dr Georg Kofler. The shareholders were first expected to choose a price range at the lower end of analyst valuations for the IPO to increase investors' interest.
Permira made a string of large investments in 2004, including the buy-out of UK motoring organisation the AA, the Spanish divisions of retailer Ahold, and the Bermudan satellite operator Intelsat.
Copyright © 2005 AltAssets
|
