Multimedia scraps IPO amidst weak demand

Polish cable TV and broadband provider Multimedia Polska (MP) has withdrawn its plans to sell a 49% stake via an initial public offering (IPO), worth an estimated PLN948.3 million (USD311.8 million), citing poor demand for its stock. According to Bloomberg, changes to Poland’s pension funds and the crisis in Ukraine have impacted activity on the Warsaw stock exchange, with stock turnover down 11% year-on-year. CEO of MP Andrzej Rogowski clarified that the cableco’s strategy would not be altered by the IPO’s failure: ‘Our growth plan remains unchanged. We still seek to consolidate the market.’