Premiere, the German pay-television operator, is set to raise up to €1.18bn ($1.54bn) in Germany's biggest initial public offering since the €1.6bn flotation of Deutsche Postbank, the retail banking arm of the German post office, last year.

The company, majority owned by private equity firm Permira, will sell 42 million new and existing shares at a price range of €24 to €28 each.