Altice's Stock Trades Above Issue Price In Year's Second-largest IPO

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The 63.9-million share offering raised $1.9 billion after being priced at $30 per share, within the expected range of $27 to $31 per share.

Altice USA delivered a strong initial public offering, raising $1.92 billion, the biggest IPO for a US -listed telecom in 17 years.

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.

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

Altice USA has priced its IPO near the high end of the indicated range, at United States dollars 30 per share.

A wave of dealmaking has swept the USA cable sector over the past few years, as consumers have dropped cable-providers in favor of internet streaming, forcing many companies in the sector to slash prices as they compete for subscribers.

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Altice USA was formed after the acquisition of Suddenlink Communications in 2015 and Cablevision/Optimum in 2016 by Altice N.V.

BC Partners and CPPIB granted underwriters a 30-day option to buy up to 7,781,100 additional Class A common stock shares.

The bulk of the offering proceeds will go to two selling shareholders - BC Partners and the Canada Pension Plan Investment Board (CPPIB) - who together have said they would sell about 51 million shares.

The Euro parent will control 70.3% of the USA company's stock and 98.3% of the voting rights.

Altice USA will list on Thursday on the New York Stock Exchange under the ticker "ATUS".

Altice USA, the US arm of multinational Dutch cable company Altice, raised the proposed deal size for its upcoming IPO on Wednesday by adding insider shares.

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