Germany's biggest cable operator, Kabel Deutschland, today managed one of the country's biggest stock flotations in two years, with shares edging higher on the first day of trading.
The listing allowed Kabel Deutschland to raise €760m, one of the biggest initial public offering (IPO) in Germany in the past two years.
The company said on Friday it had placed 34.5 million shares with investors, which included an over allotment option of 4.5 million shares.
The operation has been watched closely after other flotations were delayed or cancelled in Europe earlier this year owing to volatile market conditions.
At around 33% of the company's total equity, the listing valued Kabel Deutschland at around €5.3 billion, including debt.
The company has 8.9 million customers and operates in 13 of Germany's 16 states, offering high-speed Internet access, cable television and telephone service.
