Numericable IPO raises record amount in four years
The largest cable operator in France, Numericable SAS, had its share values rise in its first trading day. It was able to raise EUR652.2 million or USD875 million as it was recorded as France's biggest IPO in the past four years.
At early morning trading, Numericable shares increased by 4.8% to EUR26 per share. The shares were originally priced at EUR24.80 at the highest in the offer's range. The share price increase was attributed to the oversubscription of the shares as much as ten times their original volume. The amount of the offer can increase further by another EUR750 million when the over-allotment option would be exercised by the IPO managers.
The said IPO was the largest such listing in Paris since December 2009. This was for the IPO of CFAO SA, the automotive distributor as it raised EUR800 million on its first trading day. Aside from Numericable doing the IPO, other companies such as Criteo SA, the online advertiser and Tarkett SA, the flooring company, had sought to list in both the US and French bourses this quarter.