Multimedia Polska shelves IPO plans

Multimedia PolskaPolish cable operator Multimedia Polska has called off plans to float on the Warsaw stock market, citing weak demand among potential investors. 

According to Bloomberg and Reuters reports, Poland’s number three cable operator called off the IPO plans after initially pricing its offering at PLN950 million (€230 million).

Multimedia Polska delisted from the Warsaw stock market in 2011, and its return was tipped to be the country’s biggest IPO since electricity company Energa’s  PLN2.17 billion offer in December.

Earlier this month the firm said it added 23,500 revenue-generating units but saw revenues flatten in the quarter to March. Revenues amounted to PLN175.7 million (€41.9 million) for the quarter, 0.7% down year-on-year and 0.1% up on the last quarter of 2013. Adjusted EBITDA was PLN91.4 million, up 0.3% year-on-year.