Altice USA raises $1.9 billion in biggest U.S. telecom IPO in 17 years
Altice shares were priced at $30 apiece, raising $1.9 billion in the deal.
In a sign of solid demand for the IPO, Altice and its selling stakeholders sold more shares than anticipated.
At that price, it is the biggest U.S.-listed telecom IPO in roughly 17 years, according to data provider Dealogic, when the tech boom ushered in a wave of cable and wireless operators.
It’s the second-largest U.S. offering overall this year in terms of deal size, after Snapchat parent Snap Inc. SNAP, +2.90% raised $3.9 billion in its March debut.
The U.S. subsidiary of European telecommunications company Altice NV, formed through the merger of New York-based Cablevision Systems Corp. and Suddenlink Communications, is expected to start trading on the New York Stock Exchange on Thursday.
The deal values Altice USA at more than $20 billion. ■