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UPDATE 1-Polish pay-TV group Cyfrowy Polsat delays IPO

Mon Jan 21, 2008 9:49am EST

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WARSAW, Jan 21 (Reuters) - Poland's largest pay-TV operator Cyfrowy Polsat will delay its planned Warsaw listing due to falling equity markets, its investment banker told Reuters on Monday.

Cyforwy Polsat is the first major Polish initial public offering this year to be pulled due to the recent market falls, which have chopped a quarter off the value of the Warsaw bourse's main index since its all-time high in October.

Spooked by other world markets, Polish stocks have shed 10 percent just in the last five sessions.

"We will wait until markets stabilise," said Pawel Roszczyk of the Pekao brokerage, which manages the offer. "There is no decision on the date, but we certainly will not be selling today or next week and we'll see what happens in February or March."

Polsat Cyfrowy, which aimed to raise several hundred million zlotys from the offering, had its prospectus cleared last week.

The operator, owned by media tycoon Zygmunt Solorz-Zak, has two million subscribers, mainly in smaller cities and rural areas.

It is trailed in the Polish market by Vivendi's (VIV.PA) Canal Plus and 'n', a platform owned by the ITI Group, the controlling shareholder of Polish broadcaster TVN TVNN.WA. Please double-click on the newslinks: [PL-IPO-LEN] for news on Polish IPOs [PL-PUB] for news on Polish media companies (Reporting by Pawel Bernat; Writing by Chris Borowski; Editing by Quentin Bryar)



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