Radio broadcasters hope investors will tune-in to new issue

The Warsaw-based group of radio broadcasters, FON, is planning to generate a fund of zł.40 to 44 million with a share issue rather than rely on high earnings. The capital that the company plans to raise on its IPO is extremely high compared to its zł.232 thousand profits after an 18-month presence on the market. The subscription of 40 million shares will be priced at zł.1-1.15 each. The offer consists of two sets of shares; one aimed at financial giants and a second tranche earmarked for minor players. A spokesperson for FON claims that the firm has not entered talks with any big investors. Following the share issue FON plans to buy out five to ten other local radio broadcasters, set up a chain of jazz clubs in Polish cities and start cooperating with Warsaw FM Jazz Radio. (Puls Biznesu, pp.1,11) J.J.