ITI makes a big splash on the Warsaw Stock Exchange

On Tuesday the Securities and Stock Exchange Commission (KPWiG) cleared the shares of ITI Holdings, a company listed on the stock exchange in Luxemburg since 1997 and which is also the dominant entity of nine other companies including, TVN, TVN24 and Multikino. KPWiG cleared 143.4 million of B series shares, each worth euro 1.25 for public turnover. The initial public offering (IPO) of ITI shares will be up to 68.3 million shares of B series. According to Jan Wejchert, the president of ITI "The supervisory board will decide about the specific size of the offer within the next few weeks". The total share capital of ITI is euro 201.1 million. Last year the company suffered a $12 million net loss with revenue of almost $134 million. ITI will be the second listed media company, after Agora, while analysts expect the issue to boost the Warsaw Stock Exchange (WSE), which has not seen such a major IPO for two years. (Prawo i Gospodarka, p. 6; Reuters) P.W.