Numericable's shares up 9% at IPO launch
Pascale Paoli-Lebailly | 08-11-2013
French cable operator Numericable has launched a strong IPO today (8 November) in Paris, where shares saw close to a 10% increase at 2pm. Since this morning, shares have risen 9.48% to €27.15.
Numericable is making a public offering of about a fourth of its capital so it can continue to invest in fibre and secure financial stability.
The IPO, which represents the biggest listing on the Paris Stock Exchange since 2009, values the company at €5.6 billion including a €2.75 billion debt.
Yesterday Numericable, announced its offer would be priced at €24.80 and would raise some €650 million. The IPO has been oversubscribed to ten times availability, the group added.
With this move, Carlyle and Cinven will reduce its shares in the company while Altice will increase its stake from 24% to 30%.