French telecom firm Altice, led by billionaire Patrick Drahi, said Monday that it had launched an initial public offering (IPO) on the New York Stock Exchange for its Altice USA subsidiary. Some 46.5 million Altice USA shares are on offer, and the IPO price is expected to be between $27 and $31 per share, the company said in a statement.
This would raise up to $1.6 billion for the company. When first flagging the flotation in April, Altice said the funds raised would go to reducing debt and financing additional acquisitions in the United States, where Altice currently ranks as the number four cable operator, with operations in about 20 states.