TVN stock soars 10% on its first day on the WSE

Altogether 5.2 million shares changed hands yesterday, which accounts for one third of the public offer. The total value of sales amounted to zł.366.3 million, which made TVN's flotation the second biggest in 2004 after PKO BP. The high level of sales can probably be mostly ascribed to institutional foreign investors, although all types of investors were active in the debut. Over 6.2 thousand transactions were made yesterday and demand surpassed supply by a dozen fold. The president of TVN Piotr Walter commented on the shares' high price: "We are very satisfied, that is about the price we were thinking of." The analysts were less optimistic, taking into account TVN's liabilities, and estimated the price could rise about 5%. Yesterday's price is likely to hold for another week or two, claims a Parkiet source. (Parkiet p.1, Puls Biznesu pp.1,4,17) M.G