Poland broadcaster Canal+ has announced its intention to undertake an initial public offering (IPO) on the Warsaw Stock Exchange. Canal+ Poland president and CEO Edyta Sadowska said the move will open the company to international and Polish investors.
The company reported annual revenue growth of 3.3 percent between 2017 and 2019. Organic revenue went up by 2.8 percent year-over-year the first half of this year.
Canal+ is the second largest overall provider of pay-TV services in Poland with a traditional Polish pay-TV market share of 21 percent.. The company had about 2.7 million subscribers on 30 June.
The offering will be made up solely of the shares held by two shareholders: TVN Media, ultimately owned and controlled by Discovery Inc, and Liberty Global. TVN Media and Liberty Global intend to monetise their current shareholdings and enable the company to secure new long-term Polish and international shareholders.
Groupe Canal+ currently holds approximately 51 percent of its shares, with TVN Media owning 32 percent and Liberty Global 17 percent. Groupe Canal+ , which is a part of the Vivendi SE group, does not intend to sell any of its shares. The company wants the Groupe Canal+ to continue exerting direct control over the company. This means Vivendi SE will remain Canal+ Poland's ultimate parent and ultimate controlling shareholder.
The offering is subject to the receipt of all relevant regulatory approvals and registrations from the KNF (the Polish Financial Supervision Authority). Regulatory approval has been received from the KRRiT (the Polish National Broadcasting Council).
