France's Altice USA rallies in NY market debut

France's Altice USA rallies in NY market debut”

Cable company Altice has raised $1.9 billion in what appears to mark the second-largest initial public offering in the U.S. market this year after that of social media player Snap.

Drahi fattened Altice NV into a telecoms and cable empire through debt-heavy acquisitions in Europe and Israel, and entered the USA market in 2015 by acquiring cable company Suddenlink for $9.1 billion.

In the IPO, the company offered 63.94 million shares at a price of $30 per share, higher than the 46.6 million shares announced last month.

The sources asked not to be named because the information is not yet public.

Altice has raised $1.9 billion in an IPO in the U.S., according to Reuters, quoting sources familiar with the matter. In an encouraging sign for the US arm of the European telecom conglomerate, Altice USA had originally targeted an IPO of only around $1.35 billion and ended up selling more shares than anticipated.

Altice USA was formed after the acquisition of Suddenlink Communications in 2015 and Cablevision/Optimum in 2016 by Altice N.V. It will use the cash to redeem part of the $2 billion in Senior Notes debt it inherited from Cablevision.

Altice is the second cable IPO this year.

The stock opened on the New York Stock Exchange under ticker symbol ATUS at $31.60, up 5.3 percent, and as of 10:20 a.m. ET traded at $31.96.

Following the IPO, Altice would own 70.3% of Altice USA's stock, representing 98.3% of the voting power. BC Partners purchased 49% of the shares sold in the IPO, with the Canada Pension Plan Investment Board accounting for 32%.

JPMorgan Chase & Co, Morgan Stanley, Citigroup Inc and Goldman Sachs Group Inc are joint bookrunners on the IPO.

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