Altice USA IPO raises $1.9bn
- Author: Larry Hoffman Jun 22, 2017,
Jun 22, 2017, 17:48
Altice USA's 63.9 million shares were priced at $30 each share.
There has only been one IPO of a USA cable company in the last five years, WideOpenWest Inc, which last month raised about $310 million in an IPO, pricing below its expected range.
Shares of Altice USA Inc. began trading for the first time Thursday on the New York Stock Exchange at $32.03 per share. Those that are not often seek scale by being acquired rather than going public.
Altice USA, led by CEO Dexter Goei, serves approximately 4.9 million residential and business customers across 21 states.
Altice is the second cable IPO this year. The company then issued a statement on Wednesday advising that it was increasing the size of the IPO due to the fact that Canada Pension Plan Investment Board and BC Partners had ramped up the number of shares they were offering. According to Altice USA, Altice N.V. will own 70.3% of Altice USA's issued and outstanding common stock, which will represent 98.3% of the voting power of Altice USA's outstanding common stock. "With its new currency, we expect Altice USA will be active in system consolidation", Telsey Group analyst Tom Eagan wrote in a report last month.