Kabel Deutschland IPO raises $1b near low end of range

Frankfurt : Kabel Deutschland Holding AG raised almost 760 million euros ($1 billion, Dh3.67 billion) selling shares near the low end of its price range in Germany's biggest initial public offering in more than two years.

The owners of the country's largest cable company priced the shares at 22 euros, within the range of 21.5 euros to 25.5 set earlier this month. The Unterfoehring, Germany-based company sold 30 million shares as well as the 4.5 million reserved for extra demand, Kabel Deutschland said in a statement on Friday.

Offerings have revived in Europe this month after companies from Travelport Ltd to New Look Group Plc postponed share sales in February. Kabel Deutschland's IPO is Germany's largest since Hamburg-based Hamburger Hafen und Logistik AG's 1.17 billion euro deal in November 2007, while African Barrick Gold Plc raised $873 million on Friday in the biggest London initial sale since 2008, data from Deutsche Boerse AG and Bloomberg show.

German cable companies have drawn investor interest amid indications they may be poised for growth. In November, Liberty Global Inc paid BC Partners and Apollo Management LP about 2 billion euros for Unitymedia GmbH.