Network Ten’s IPO a big hit in Oz

Oversubscribed despite lagging performance

SYDNEY — Low ratings and a distinct lack of success with local product hasn’t stopped the A$375 million ($252 million) partial IPO of CanWest-backed Network Ten Australia from being a huge success.

After all 47,000 prospectuses were snapped up within days of issue, the IPO closed six times oversubscribed on March 20, clearing the way for Ten to stage its Australian Stock Exchange bow on April 14.

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