French cableco Numericable has reportedly started marketing its planned IPO, estimated to raise up to €2bn (US$2.7bn).
Last month, Numericable registered its ‘base document’ for the proposed listing on the NYSE Euronext with the French financial…
French cableco Numericable has reportedly started marketing its planned IPO, estimated to raise up to €2bn (US$2.7bn).
Last month, Numericable registered its ‘base document’ for the proposed listing on the NYSE Euronext with the French financial markets’ regulator.
While the company did not disclose details, company CEO Eric Denoyer said at a press conference at the time that it planned to list 20% to 40% of its share capital. The offering, led by Deutsche Bank and JP Morgan, could reportedly value Numericable at up to €5bn (US$6.8bn).
Reuters cited an offer document as saying marketing to potential investors began yesterday and that private equity shareholders Cinven and Carlyle, which each hold 37.5% stakes in the cableco, will sell some of their shares in the offering. The cableco’s other major shareholder is French businessman Patrick Drahi’s Altice.
Most of the proceeds from the flotation, expected to take place in November, will be used to invest in Numericable’s networks, Denoyer said at the September press conference.
He added that the IPO will include a €200m-€250m (US$271m-US$339m) capital increase to help cut debt, which stood at about €3bn (US$4.1bn) as of 30 June.
Numericable, which operates in France, Belgium and Luxembourg, was not immediately available for comment.
