Polish media giant ITI Holdings S.A. is to launch an initial public offering of up to 48% of its shares, making it the biggest float on the Warsaw market for two years.

The company revealed last month that it was planning to raise between $80m and $130m through the IPO to finance its acquisition of Luxembourg-based SBS Broadcasting's 33% stake in Polish TV station TVN for $150m in cash and SBS ordinary shares.

Poland's third-biggest broadcaster, TVN had a 20.4% share of local TV advertising revenue last year. ITI and its founders own the remaining 67% of TVN.

In addition to owning a majority stake in Poland's main internet portal, Onet.pl, ITI is a joint venture partner with UCI in the country's leading multiplex operator, Multikino

Luxembourg-based ITI Holdings posted a net loss of $11.9m in 2001 on revenue of $134.4m.