Numericable launches IPO

French cable operator Numericable launches its IPO today, one of the biggest public offerings in France since 2009.

Numericable is offering about a quarter of its total capital on the Paris stock exchange and is hoping to raise about €650 million with a price range between €20.30 and €24.80, valuing the company at between €5.06-5.57 billion including €2.75 billion of debt.

The IPO will allow private equity investors Carlyle and Cinven a partial exit, while Patrick Drahi’s investment vehicle Altice will increase its stake in the operator from 24% to 30%.

By 10:00 Numericable’s shares were being traded for €26.39, according to financial daily Les Echos.