German Pay-TV Sets Date For Flotation

Premiere, Germany's only pay-television channel, said Wednesday that it planned to list its shares on the stock exchange from March 9. The company, which narrowly escaped bankruptcy three years ago, said in a statement that investors would be able to apply for shares between February 23 and March 8, with the final price in the initial public offering (IPO) to be set on February 22. The IPO of Premiere is expected to be one of the biggest stock market flotations in Germany this year, with bankers estimating it could raise €500 million ($640 million) for the company. The proceeds would be used to repay debt and finance growth. Premiere turned in a profit for the first time in its history last year, booking an operating profit of €82.9 million, compared with a loss of €21.2 million in 2003.