Strong debut for Numericable IPO

November 8, 2013 11.55 Europe/London By Julian Clover

numericableShares in French cablenet Numericable rose by 8% in early trading on the Paris Stock Exchange Friday.

Earlier, the operator, backed in part by Carlyle and Cinven, had announced its offer would be priced at €24.80 that would raise some €652.2 million to fund investments in its network and pay off debt.

Initial gains fell slightly to €27.06 per share at 13.00 CET; such a price would value the company at about €3 billion.

The company said the IPO had been oversubscribed to ten times availability.

The listing was the largest on the French market since December 2009.

Numericable’s owners began work on a listing in April after the failure of talks with Vivendi over a possible €15 billion merger with the latter’s mobile operation SFR.