Shares in Premiere, Germany's only pay-television channel, began trading on the stock exchange in Frankfurt at a price of €30.50 ($40.73) on Wednesday, way above the issue price of €28. The high starting price had been expected given the strong demand for Premiere shares in its initial public offering (IPO). The issue was 12.3 times oversubscribed and raised a total €1.179 billion for Premiere, which it said it would use to cut debt. The company issued a total 42.1 million shares in all at a price of €28. About 12 million of the shares came from a capital increase and existing shareholders offered 24.6 million of their own shares. An additional 5.5 million shares was issued in a so-called "greenshoe" or over-allotment option given the strong demand for the share. The IPO was one of the biggest stock market listings in Germany this year and the biggest IPO ever in the German media sector. With all 42.1 million shares sold, Premiere has seen its stake cut from 54.8 percent to 23.6 percent and the stake of chairman Kofler has been cut from 20.46 percent to 13.9 percent. Around 51.3 percent of Premiere's share capital is in free float. Based on the issue price, the company has a market capitalization of € 2.3 billion.