Despite the recent stockmarket storms, International Media, the newly-renamed German company formed from the merger of the UK's Intermedia Film Equities and Los Angeles-based Pacifica, is pressing ahead with flotation plans. The aggressive sales process could see the company triple its share capital.

Some 5.6 million shares in the new company will be sold to institutional investors at an as yet undetermined price. This will increase the total share capital to some 8.97 million shares following the share sale. An initial range for the share price will be announced on May 8 ahead of the book-building process that will be conducted 9-16 May. May 18 has been set as the date of first trading on Frankfurt's Neuer Markt stock exchange.

Proceeds from the share sale are intended to be used to extend the company's core businesses from film finance and production into music, publishing, TV and the Internet.

International Media last year recorded an 85% leap in proforma sales, achieving turnover of $117m, and operating profits of $13m, up from $6.3m in 1998.

Based in London and Los Angeles, Intermedia is one of Europe's leading film sales and finance houses and operates an extensive film library which includes hits such as Dances With Wolves. Having last year backed such projects as Hilary & Jackie, it is currently selling titles including Michael Apted's Enigma and The Wedding Planner, starring Jennifer Lopez. Pacifica, which is headed by Moritz Borman, is a production and financing firm backed by German tax money through the International Media Fund.

Borman and Intermedia founders Guy East and Nigel Sinclair are to take seats on the board of the new company. The share sale is being handled by joint-leads DG Bank and BNP-Paribas with Badenwuertemburgische Bank as co-lead in the consortium.