COLOGNE — Premiere, Germany’s sole pay TV platform, made a successful stock market debut Wednesday, with shares selling for E30.50 ($40.92), well above the offer price of $37.50.
In the biggest public offering in German media history, shares were 12 times oversubscribed in a sale set to earn $412 million for the company. Premiere is being listed on the Mdax.
“This is an impressive proof of confidence by the capital market for Premiere,” said Premiere CEO Georg Kofler.
Between Feb. 28 and Tuesday, buyers signed up for 525 million shares worth $19.4 billion, Premiere said in a statement.
IPO transfers 51.3% in the company to free float. Remaining major stakeholders are fund Permira (23.6%), Kofler (13.9%), banks (10.1%) and other executives (1%). Floatation will enable Premiere to lower its debts from $495 million to below $135 million.