Altice was already on pace to have the largest telecom IPO in nearly two decades, but a final tally shows the company raked in even more than expected.
Altice USA last week announced an offer of 63,943,029 shares of Class A common stock at a cost of $30 per share, which was expected to bring in some $1.9 billion. But the company this week indicated it closed its IPO with the sale of 71,724,139 shares at that $30 mark – increasing its total to $2.15 billion.
The figure marked a substantial leap over the $1.3 billion Altice was shooting for with its original planned offer of 46.6 million shares.
The IPO follows Altice’s acquisitions of cable operators Suddenlink in 2015 and Cablevision last year. Those transactions made the company the fourth-largest stateside cable operator. Altice USA serves more than 4.9 million subscribers across 21 states.
As of Thursday morning, Altice USA stocks were up 0.15 percent, trading at $32.91.