Cable operator Altice USA jumps 7.2% in debut
New York — Shares of Altice USA rose as much as 7.2% in their debut on Thursday, giving the cable operator a market capitalisation of $23.71bn as it prepares for US expansion. The 63.9-million share offering raised $1.9bn after being priced at $30 per share, within the expected range of $27 to $31. That makes it the second-largest US initial public offering this year behind messaging app Snap Inc’s $3.9 billion offering in March. Altice USA’s IPO is viewed as a means for its founder, Franco-Israeli billionaire Patrick Drahi, to expand his US cable empire by giving the company public stock it can use as currency for new acquisitions. The company, which Netherlands-based Altice NV put together by acquiring Cablevision Systems and Suddenlink Communications, is the fourth-biggest US cable provider. Shares touched a high of $32.17 before paring gains to $32 in midday trading. One hurdle Altice could face is that there are few US cable assets out there to buy. Altice USA’s CEO Dexter Goei...
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