BERLIN — German TV network ProSieben saw, on its first day of a new stock flotation, its initial share price of 72 DM ($42.30) jump $12.70 to close the day at 95 DM ($55).
With the stock changing hands early Monday at prices ranging from $61 to $64, some traders in Frankfurt had hoped the price would close even higher.
“We will pay a dividend and our dividend will be such that we can make our shareholders happy,” CEO and chairman Georg Kofler said.
The new issue of 2.5 million preference shares and 2.5 million common shares increased capital by $209 million.
Kofler described the float as “one of the most successful new emissions in the German stock exchange history.”
ProSieben Media AG is the only media house in Germany to completely control two national networks, ProSieben and weblet Kabel 1. More than 90% of the group’s income comes from broadcast TV.
The web ProSieben is Germany’s third-ranked commercial web overall but is second to RTL in the under-50 demo, with a market share for the first quarter of 1997 of 14.9%.