Canal + to go public later this month
20:50
Canal + Polska may debut on the WSE on November 23 this year, and subscriptions for shares for individual investors will begin on Wednesday, November 4, according to the company's prospectus. The issue price of one share may not exceed PLN 60.
The offering will cover only 21.6 million existing ordinary shares of Canal + Polska (representing no more than approximately 49 percent of the capital) held by two shareholders, i.e. TVN Media (32 percent), whose ultimate owner and parent entity is Discovery, and Liberty Global Ventures Holding (17 percent).
Groupe Canal + which currently owns approximately 51 percent, will remain the majority shareholder.
The planned transaction will consist of a public offering addressed to individual and institutional investors in Poland, as well as an offer to qualified institutional buyers in the United States. The retail price will be approximately 10 percent of the offered shares.
The net profit for the period from continuing operations of Canal + Polska in the first half of 2020 amounted to PLN 121 million compared to PLN 30.8 million profit a year earlier, EBIT profit - respectively: PLN 154.8 million versus PLN 34.8 million, with revenues respectively: 1 PLN 195.5 million as compared to PLN 1,112.14 million.
Canal + Polska is the operator of the Canal + Platform, offering packages that include both its own TV channels and third-party channels, as well as the newly introduced Canal + (OTT) streaming service. The company is also involved in film distribution through its subsidiary - Kino Świat, one of the leading film distributors in Poland.
