Canal+ Polska has published its prospectus and launched its IPO of shares.
The book-building process among Institutional Investors will be held from November 3-9. BofA Securities and J.P. Morgan Securities plc will serve as joint global coordinators and joint bookrunners, and Santander Biuro Maklerskie—Santander Bank Polska S.A. as joint bookrunner and offering agent.
Commenting on the development, Edyta Sadowska, CEO of Canal+ Polska, said: “We are excited to be launching our IPO today. As the preferred premium entertainment provider on the Polish market with the most technologically advanced pay-TV platform in Poland, we benefit from having a very loyal customer base which has been steadily growing over the past three years. We are well-prepared to take advantage of the opportunities connected with the spread of new technologies in Poland. The Canal+ (OTT) service launched in May 2020 is on a growth course and we are very satisfied with its sales results. Market trends support our business, as expenditure on entertainment is increasing and it is projected that between 2019 and 2024 the number of OTT and IPTV customers in Poland will grow, respectively, to 4.6 million in 2024 (at a CAGR of 17.7%) and to 1.5 million in 2024 (at a CAGR of 11.2%). Our business model has proved resilient in the face of recent market challenges, as demonstrated by the results generated in the first half of 2020, with organic revenue growth of 2.8% year-on-year. Consequently, the company’s financial strength allows us to target the payment of dividends at the level of 75% of consolidated adjusted net profit”.
In the Offering, the selling shareholders are offering up to 21,617,600 offer shares, i.e. up to 21,617,600 series B ordinary shares of the company, constituting no greater than approximately 49% of its share capital, of which up to 14,117,600 offer shares are offered by TVN Media (approximately 32% of the company’s share capital) and up to 7,500,000 offer shares are offered by Liberty Global Ventures Holding (shares corresponding up to no greater than approximately 17% company’s share capital). The maximum price of the offering has been set at PLN60 (€13) per share.
The first day of listing on the Warsaw Stock Exchange is expected to be around November 23.
