Premiere Shares Priced at €24-28

Premiere, Germany's only pay-television channel, said Tuesday that it planned to offer its shares to investors at a price of €24-28 ($31-37) a piece in its upcoming flotation next month. The company, which narrowly escaped bankruptcy three years ago, further stated that it would issue 42.1 million shares in its initial public offering (IPO), meaning that the total issue was worth up to €1.179 billion. Investors would be able to apply for shares between Feb. 23 and March 8, with the shares to start trading on the stock exchange from March 9. By the end of the IPO, around 51.3 percent of Premiere's share capital will be in free float, the company estimated. The IPO of Premiere is expected to be one of the biggest stock market flotations in Germany this year. The proceeds will be used to repay debt and finance growth. Premiere turned in a profit for the first time in its history last year, booking operating profit of €82.9 million, compared with a loss of €21.2 million in 2003.