The digital operator set a share price of 12.5 zloty on April 25 and is offering about one-quarter of capital, which values the company at €960 million. Half of the shares will be available to foreign investors. Some 40% will be available for sale to institutional investors through April 29.

The IPO is the largest in Poland so far this year. Shares are being sold by Polaris Finance, an investment vehicle of media magnate Zygmunt Solorz-Zak, who will retain control.

Cyfrowy Polsat (www.cyfrowypolsat.pl), through a strategy of targeting the lower end of the market in the country's less populous regions, claims 2.2 million subscribers and offers 65 channels. Annual growth since 2004 has averaged 76%. EBITDA grew by 137% in 2007.