Premiere, the pay-TV operator, became one of the most successful German flotations for three years today. Its shares added a further 10% in early trading despite being priced at the top of the target range.

Shares were issued at €28 raising €1.2bn ($1.6bn) and giving the company a market capitalisation of €2.3bn. At 8:48 GMT today, Premiere shares were trading at €30.90.