Canal+ Polska has released details of its proposed IPO which were approved by the Polish financial regulator (KNF).
It will offer 21.6 million shares (and no more than 49 per cent of the company’s share capital) and which will come from (Discovery-owned) TVN Media (14.1 million shares, or 32 per cent of the company) and Liberty Global (7.5 million shares, or about 17 per cent of the company).
Groupe Canal+ SA (part of the Vivendi SE Group) will not sell any shares in the Offering. The Company envisages that Groupe Canal+ will continue to exert direct control over the Company, and thus Vivendi SE will remain the ultimate parent and ultimate controlling shareholder of the Company.
Book building is taking place now and will close on November 9th. Shares will be allotted by November 17th and listed on the Warsaw stock exchange on about November 23rd.
A reminder from Deutsche Bank says that Canal+ Polska had been preparing an IPO since February 2020 to allow its minority shareholders to exit their investment. The company had submitted the IPO prospectus with KNF in July. For 2019, ITI Neovision has reported a total revenue of €508 million and net income of €20 million. The company had 2.8 million subscribers by year-end, which corresponds to 21 per cent of pay-TV subscriber market share in Poland.