Kabel Deutschland IPO Prices Low

LONDON/FRANKFURT (Reuters) – Owners of top German cable television firm Kabel Deutschland have raised 759 million euros ($1.03 billion) after pricing the initial public offering towards the low end of an indicated range.

The KDG offering, Germany’s biggest in two years, was priced at 22 euros per share, compared with the initial range of 21.50 euros to 25.50 euros.

U.S. private equity firm Providence Equity Partners, Ontario Teachers’ Pension Plan and the management sold a combined 34.5 million secondary shares, including a 4.5 million-share overallotment option.

Morgan Stanley (MS.N), Deutsche Bank (DBKGn.DE), UBS (UBSN.VX) and J.P.Morgan (JPM.N) were the bookrunners. (Reporting by Daisy Ku, editing by Will Waterman) ($1=.7346 Euro)