According to a report by Reuters citing unnamed sources, German regional cable operator Kabel Deutschland’s (KDG’s) initial public offering (IPO) has been covered. Bookbuilding for the flotation began only last Thursday, indicating that the offering has won support from local investors in Germany. The sources added that the greenshoe option, which gives underwriters the right to sell additional shares in a registered securities offering if demand exceeds the original amount offered, has also been covered. CommsUpdate reported earlier this month that KDG reduced the number of shares on offer from 45 million to 30 million with a greenshoe option of up to 4.5 million. It set a price range for the IPO of EUR21.50 (USD29.27) to EUR25.50 per share. KDG is 88% owned by Providence Equity, with the remainder held by Ontario Teachers’ Pension Plan (8%) and company management (4%). The owners are aiming to raise as much as EUR869.4 million via the floatation.