Altice USA, Inc. (NYSE: ATUS) the fourth-largest U.S. cable provider and a subsidiary of the European broadband company, made its public trading debut trading on the New York Stock Exchange under the symbol ATUS.
The company IPO was priced at $30 per share, within the expected range of $27 to $31 per share. Altice USA raised $1.9 billion in total and the number of shares it will sell were 63.9 million. On Thursday morning, shares of the company were up more than 5.8%, surpassing $31.75 per share.
The IPO is the second largest of 2017, following Snap’s $3.9 billion IPO in March. After the IPO, Altice USA will have a market cap of around $22 billion.
“We always said we had a lot of things we wanted to do over the next couple of years: Investment in the network, a lot of the improvements in the technology,” said Dexter Goei, the CEO of the company. “If we have the opportunity over the next three, four years to buy other stuff, we would absolutely look at that.”
“At the end of the day, if you've got spectrum, you still need fiber,” Goei said. “We look forward to working with the wireless providers and developing 5G with them.”