Poland's pay TV company Cyfrowy Polsat to wait with IPO until markets stabilise

WARSAW (Thomson Financial) - Poland's largest pay-TV operator Cyfrowy Polsat will delay its planned initial public offering (IPO) until the local stock market stabilises following the sharp losses this year, its chief executive was quoted as saying today.

Dominik Libicki told the state news agency PAP the company, whose issue prospectus was approved last week, has not decided on the timing of the issue, seen as one of the biggest ever in Warsaw.

'We haven't taken any decisions about the timing of the initial public offering,' Libicki was quoted as saying by the state news agency PAP. 'We will wait with the decision until the financial markets stabilise.'

Warsaw bourse's blue-chip index has lost more than a quarter of its value since hitting the record high last October and the market is down 13 pct so far this year on the back of global equity sell-off.

Cyfrowy Polsat is the first company to delay its IPO this year after Warsaw bourse saw a record of 81 new issues, mainly from local small-and mid-caps, in 2007, second-largest in Europe after the London Stock Exchange.

Source:By Piotr Skolimowski

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