Multimedia Polska scraps IPO

May 30, 2014 08.49 Europe/London By Chris Dziadul

The Polish cable operator Multimedia Polska has dropped plans to hold an IPO on the Warsaw Stock Exchange.

Quoting a statement by the company, Wirtualne Media reports that the reason for doing so is insufficient interest shown by prospective buyers.

Any money paid by those who wanted to buy shares will be returned within the next fortnight.

Multimedia Polska adds that it has a number of attractive business plans.

It is confident about the future of the dynamic Polish telecom market and will continue its development strategy.

The operator had planned to sell shares with a total value of PLN948 million (228.5 million) currently held by its owners.

They are headed by M2 Investments Limited, controlled by Tomek Ulatowski and Ygal Ozechov, and also include Tri Media Holdings Limited, Dunaville Trading Limited and Collegium Anetta Kolasinska and Partners.

Multimedia Polska had previously been present on the Warsaw Stock Exchange but withdrew in November 2011.