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TvNetWork IPO set for August 7

Cable television and internet service provider TvNetWork Nyrt will float its shares on the Budapest Stock Exchange (BÉT) on August 7, the bourse announced on Thursday.

TvNetWork will float 13,536,000 A-series ordinary shares in the offering. The minimum purchase required is a single share. The offer accounts for Ft 1.35 billion of the company's registered capital of Ft 1.52 billion. TvNetWork's B'series preference shares, which carry 10 votes apiece, will not be part of the listing.
The State Financial Supervisory Authority (PSzÁF) approved the company's prospectus at the end of June. TvNetWork had profit of Ft 16 million on revenue of Ft 1.455 billion in 2005, the prospectus shows. Profit fell 86.4% and revenue rose 57.6% from a year earlier.
TvNetWork has more than 30,000 cable television subscribers and more than 25,000 internet subscribers.