UK video-on-demand pioneer Yes TV yesterday said that it believes it is worth more than $1bn, although it has less than 1,500 subscribers.

The valuation came as Yes unveiled details of its planned flotation on the London stockmarket and said that its shares will be priced in the 225p-275p range. That suggests an initial market capitalisation of $877m-$1.07bn (£550m-£670m). The company will sell some 25% of its equity. Dealings are scheduled to start on April 17.

Yes will grant two of its key content suppliers Warner Bros and Buena Vista International stakes of 10% and 9% prior to the sale (Screendaily, Mar 21). These holdings will be diluted to 7.5% and 6.8% by the sale of new shares.

The company last year lost £5.1m, but is planning a national roll-out in the autumn using the expanding network of high speed ADSL phone lines that British Telecom is auctioning off this summer.