01-04-2008

Polsat Cyfrowy plans April IPO

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Polish pay-TV operator Cyfrowy Polsat, which has delayed a listing on the Warsaw Stock Exchange twice due to turbulent market conditions, will hold its initial public offering later this month, Reuters is reporting. The news agency quoted a source on April 1 as saying a prospectus would be issued April 10.

Cyfrowy Polsat is Poland's largest satellite TV operator with more than 2 million subscribers, about double those of competitor Cyfra+.

The company seeks to raise from about €250 million to €400 million, according to various reports, from the sale of a minority stake. Control would remain in the hands of its chief shareholder Zygmunt Solorz-Zak.