Numericable owner Altice launches IPO

Altice, the investment vehicle of Patrick Drahi and main shareholder of French cable operator Numericable, has debuted on the Amsterdam stock exchange.

The company set a base price of €28.25 for its shares, valuing the company at €5.7 billion. Altice is selling 26.5 million new shares along with 19.6 million existing shares owned by Drahi’s Next holding company, raising about €1.3 billion not including an over-allocation option.

Altice said that in the case of a strong performance the offer could be increased by 15%, raising a total of €1.5 billion.
The IPO will lead to 22.8% of Altice’s capital being publicly floated, excluding the over-allocation.

Altice holds a 40% stake in Numericable.