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Canal+ Polska calls off IPO

Canal+ Polska’s IPO has been called off because of volatility in the financial markets.

TVN Media sp. z o.o. and Liberty Global Ventures Holding B.V., the two selling shareholders, said they had have decided to cancel the planned flotation due to the adverse impact of recent volatility in the financial markets. The pair said they intend to revisit the offering once market conditions are more favourable.

The IPO would have seen up to 49% of the pay TV operator free-floated on the stock exchange, with commercial broadcast group TVN Media offering up to 32% of the company’s share capital and Liberty Global Ventures offering up to 17%.

Vivendi-owned Canal+ Group was not selling any of its shares as part of the flotation and would have remain the controlling shareholder.

Canal+ Polska intended to use proceeds from the IPO to develop its OTT offering, launched earlier this year, and modernise its DTH platform, with the ultimate goal being to integrate the two, evidenced by the recent launch of a new set-top box.

The group had also said it would also further invest in local content to differentiate its offering and maintain its independence.

It also intended to further invest in partnerships with telcos to expand its IPTV footprint, linked with the expansion of fibre-to-the-home networks.

Canal+ Polska initially filed a prospectus for the flotation with the Polish Financial Supervision Authority back in July.

The outfit is  the second largest pay TV services provider in Poland after Cyfrowy Polsat, with approximately 2.7 million subscribers as of December 31 2019.