French cable operator Numericable has announced that its planned Paris listing has been oversubscribed by more than ten times, after generating strong demand from both French and international institutional investors. The Offering Price has been set at the top end of the indicative price range, at EUR24.80 (USD33.5) per share, and the Global Offering will amount to approximately EUR652.2 million.
The trading of securities will start today (8 November 2013); following the completion of all concurrent share transfers, Altice Group will become the largest shareholder in the company with 30% of the capital and voting rights, with Carlyle retaining 26% of the shares, Cinven will have an 18% stake and 24% will be floated on the bourse. The company plans to restructure its debts with the proceedings from the IPO and accelerate its investment in fibre-optic infrastructure.
As previously reported by TeleGeography’s CommsUpdate, in September 2013 the company confirmed that it planned to list between 20% and 40% of its capital as part of an IPO, and registered its ‘core documents’ with the Autorite des Marches Financiers (AMF). Cinven and Carlyle, the private equity companies that currently own 37.5% each of Numericable, would reduce their stakes to provide liquidity to the IPO, while fellow shareholder Altice Group planned to increase its current stake of 25% by ‘a few percentage points’. Deutsche Bank and JPMorgan were acting as the joint book-runners for the transaction.