Altice USA opens up 5% in the second biggest IPO of the year

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The logo of cable and mobile telecoms company Altice Group is seen during a news conference in Paris
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Thomson Reuters

Altice USA opened at $31.60 a share, up 5.3% from its initial public offering price of $30.

The Netherlands-based cable provider acquired and merged two telecoms, Cablevision and Suddenlink Communications in order to start its US offering.

The $1.9 billion was the most amount of money raised by a telecom IPO in 20 years, according to Nick Kostov and Corrie Driebusch at the Wall Street Journal.

The IPO is the second largest of 2017, falling behind only Snap’s $3.9 billion IPO in March.

After the IPO, Altice USA will have a market cap of about $22 billion. It is already the fourth-largest cable provider in the US, and it is expected to use money raised in its IPO to expand even further.

Shares offered in the IPO are mostly non-voting shares, and Patrick Drahi will maintain control of the new company through a majority stake by his Netherlands-based Altice NV, according to the Wall Street Journal.

Altice USA shares trade under the ticker “ATUS.”

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