Numericable is on track for an IPO this autumn, which could reportedly allow it to raise as much as €2bn (US$2.7bn). The cable operator today registered its ‘base document’ with the French financial markets’ regulator, a required first step in…
Numericable is on track for an IPO this autumn, which could reportedly allow it to raise as much as €2bn (US$2.7bn). The cable operator today registered its ‘base document’ with the French financial markets’ regulator, a required first step in the process.
The document outlines the company’s activities and revenues and provides an overview of the market in which Numericable operates. The company did not disclose any details about the listing on NYSE Euronext itself, including the timing and amount of money it is looking to raise.
But CEO Eric Denoyer was quoted saying during a press conference today that the cableco is planning to list between 20% and 40% of its share capital. Some reports suggested the offering, led by Deutsche Bank and JP Morgan, could value the company at up to €5bn (US$6.8bn).
Denoyer reportedly added that the IPO will be accompanied by a €200m-€250m (US$271m-US$339m) capital increase in order to reduce Numericable’s net debt, which stood at about €3bn (US$4.1bn) as of 30 June.
Most of the proceeds from the flotation, expected to take place in November, will be used to invest more in Numericable’s networks, he said.
The cableco, which also operates mainly in France but also in Belgium and Luxembourg, is controlled by private equity owners Cinven, Carlyle and French businessman Patrick Drahi’s Altice.
The European cable industry has seen increased deal activity this year, including US cableco Liberty Global’s acquisition of UK-based counterpart Virgin Media for around US$23.3bn. Meanwhile, Vodafone recently received shareholder approval to buy Germany’s KDG. And last year, Dutch cable company Ziggo was floated in a €925m transaction.
