N-Vision will introduce the shares with the unanimous consent of the remaining shareholders, TV Tech Investment1 and Strateurop International-who are all part of ITI-after agreeing that the number of shares in the public offer should not exceed 15,908,489.
The value of TVN's offer oscillates between zł.421.6 and zł.532.9 million, depending on the eventual share price. Analysts suggest shares may be set at zł.30.9 each, earning the company zł.556 million through the offer.
According to Bartłomiej Michalski from BDM PKO BP, TVN's shares are very likely to sell because the volume has mainly been directed at institutional and foreign investors.
"The company is attractive to investors because of its wide range of operations. However, it has to be remembered that it holds considerable debts to be repaid in foreign currencies, which undoubtedly constitutes a risk," said Michalski.
It has been revealed that N-Vision decided to use part of the shares to increase its stability. These transactions could be carried out within 30 days of the first day of share dealing on the Warsaw Stock Exchange.
The global coordinator of the TVN offer is JP Morgan, while CDM Pekao and CAIB Securities are managing the public offer in Poland.
Book building ends on November 30 and the registration period is November 22-29 for individual investors and December 1-2 for institutional ones.
The share price will be announced on December 1 and the offer will eventually close December 6. (PAP, A.B.)
Owners ITI Holdings will sell 24.2 percent of the company's stock at a price between zl.26.50 to zl.33.50 per share. They had previously said 27.35 percent of TVN would be available on the bourse.
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