FRANKFURT (Reuters) – German cable TV operator Kabel Deutschland (KDG) reduced the number of shares it will offer and set a price range for the shares for an initial public offering that could raise up to about 800 million euros.
The company said in a statement on Wednesday that it planned to offer up to 30 million shares with a greenshoe option of up to 4.5 million in a price range of 21.50 euros ($29.25) to 25.50 euros per share.
The offer period will start on March 11 and end on March 19.
KDG [KABLD.UL] had said on Monday that existing shareholders including private equity firm Providence aimed to raise about 700 million euros.
Its prospectus said up to 45 million secondary shares would be offered. But sources close to deal told Reuters that it would be unlikely that 45 million shares, or 50 percent of KDG’s share capital, would be sold.
“Providence will maintain a majority stake in KDG,” one source said.
The sources said existing shareholders were instead offering a combined 25-30 percent stake in the IPO, valuing KDG at 2-3 billion euros.
KDG’s $1 billion IPO is Germany’s biggest initial public share offer since Hamburger Hafen und Logistik’s $1.7 billion issue in 2007.
(Reporting by Nicola Leske )