Spanish multimedia conglomerate Grupo Prisa - which took a risk on a volatile stock market by floating 20% of its shares yesterday (June 28) - came out a winner with a revaluation of its shares by 18.32% to Euros24.61 at day's end on the Bolsa, the Spanish stock exchange.

Prisa's IPO took off yesterday morning like a rocket, with shares rising more than 20% above their issue price, which was set on Monday at Euros20.80. The surprisingly high initial demand for shares on the offer -- more than 18 times over-subscribed -- required the use of a lottery system on some potential investors.

Prisa surpassed the leading banks and utilities firms as the Bolsa's second most traded company yesterday, after usual number one listing Telefonica. Thanks to timely reports in the local press yesterday morning that Telefonica president Juan Villalonga would likely not be ousted at a board meeting, due to a messy insider trading investigation currently underway, Telefonica stocks rose by 3.49%.

Prisa and Telefonica are the leading media firms in Spain. Telefonica holds interests in film production and distribution (Lolafilms), pay TV (Via Digital), free-to-air TV (Antena 3) and TV production/packaging (Media Park), all housed within its expanding Telefonica Media subsidiary.

Prisa, in turn, holds a managing stake (21%) in audio-visual house Sogecable, home to producer Sogecine, distributor Warner Sogefilms, exhibitor Warner Lusomundo, sales and acquisitions arm Sogepaq, pay TV outlets Canal Plus and Canal Satelite Digital (CSD), CNN+ and content broker CITSA. Sogecable launched its own successful IPO last July.