Polish pay-TV provider Canal+ has published its prospectus and launched its initial public offering (IPO) of shares. The subscription period will run until 09 November. The sale of up to 49 percent of its shares is expected to raise a maximum PLN 1.3 billion (EUR 284 million).
The selling shareholders are offering up to 21.618 million series B ordinary shares, equal to 49 percent of the company’s share capital. This includes up to 14.118 million shares being sold by TVN Media and up to 7.5 million shares from Liberty Global. France-based Canal+ Groupe (part of Vivendi) does not plan to sell any shares in the IPO and will continue to have direct control over the Polish company. The maximum price in the IPO has been set at PLN 60 per share.
Following the IPO, Groupe Canal+ and the selling shareholders will be subject to lock-up agreements of respectively 260 days and 180 days during which they cannot sell more shares. Around 10 percent of the shares on offer in the IPO are expected to go to retail investors.
The company has promoted the growth potential for the OTT video market as part of the IPO marketing. Canal+ launched its OTT service earlier this May. The Polish market for OTT and IPTV services is projected to grow to respectively 4.6 million and 1.5 million subscribers in 2024, equal to CAGRs of 17.7 percent and 11.2 percent.
In the first half of this year, the company demonstrated organic revenue growth of 2.8 percent year-on-year. The company’s financial strength allows it to target the payment of dividends at 75 percent of adjusted net profit, according to Edyta Sadowska, the CEO of the company.
