Multimedia Polska shareholders aim to raise up to PLN948.3m (US$310m) from the sale of a 49.2% stake in the cableco in its relisting on the Warsaw Stock Exchange.
In a prospectus published today, the Gdynia-based cableco confirmed that existing…
Multimedia Polska shareholders aim to raise up to PLN948.3m (US$310m) from the sale of a 49.2% stake in the cableco in its relisting on the Warsaw Stock Exchange.
In a prospectus published today, the Gdynia-based cableco confirmed that existing shareholders M2 Investments, Tri Media Holdings, Dunaville Trading and Collegium Anetta Kolasinska & Partners, will offer about 45.16 million shares in the IPO.
The maximum price for retail investors has been set at PLN21 (US$6.90) per share, according to the prospectus. The minimum price has been set at PLN16.25 (US$5.30), Bloomberg quoted Multimedia CEO Andrzej Rogowski as saying at a news conference in Warsaw today.
Bookbuilding starts today for institutional investors and tomorrow for individual investors and closes for both on 28 May. Pricing will be determined on 28 May as well and shares allocated on 3 June. The planned first day of trading on the exchange is 11 June.
UBS is the global coordinator and joint bookrunner for the relisting, while UniCredit and Raiffeisen are acting as joint leads.
At today’s news conference, Rogowski said the company hopes to attract new investors with its dividend, adding that it intends to pay out its entire profit for 2013 to shareholders. Delivering 100% of profit to shareholder will remain a policy “in the coming years”, he added.
Plans acquisitions following IPO
Rogowski noted that post-IPO, existing shareholders will repay about PLN212m in debt owed to Multimedia. This together with PLN300m of bank loans will be used to participate in in-market consolidation.
Multimedia shareholders delisted the company from the Warsaw bourse in 2011 and, the following year, hired JPMorgan & Chase to help it find a buyer – a plan that was abandoned that same year.
The cableco reported revenues for Q1 2014 of PLN175.7m (US$57.4m), down from PLN176.9m (US$57.8m) in the first quarter of 2013. EBTIDA for Q1 2014 stood at PLN91.4m (US$29.9m) and net profit at PLN12.6m (US$4.1m).
Multimedia provides digital TV, broadband, fixed-line and mobile services to about 827,500 customers. Liberty Global’s local unit UPC and Vectra are the nation’s two largest cablecos. There are numerous smaller regional players.
