Negative publicity so far fails to dent Broker FM's IPO

The IPO of Broker FM, owner of RMF FM, Poland's largest radio station, is likely to be sold out despite the recent negative PR surrounding the company. Last Wednesday, media research company CR Media published a report unfavorable to Broker, while on Thursday Włodzimierz Czarzasty, the infamous secretary of the National Radio and TV Council (KRRiT), also lashed out at Broker. Although the interest of individual investors in the offering has been below Broker's expectations, institutional investors will be glad to snap up the leftover shares, albeit at a lower price. This is likely to result in a final share price in the offering close to the lower end of the zł.83-98 range. (Puls Biznesu, p. 9) T.J.