Altice USA IPO raised $2.2 billion in final tally
Altice founder Patrick Drahi, center, after ringing the opening bell on June 22, 2017, at the New York Stock Exchange. Credit: AP / Richard Drew
The Altice USA IPO raised an additional $233 million when two investors last week offered more stock for sale at the initial price of $30 per share, the company said Tuesday.
That brought the total raised in the initial public offering to $2.2 billion, up from the $1.9 billion reported last week. The offering ended Tuesday; shares began trading on the New York Stock Exchange on June 22.
Altice USA Inc., which is based in Bethpage, provides broadband, cable and telephone services in 21 states. It owns 25 percent of Newsday Media Group.
Altice USA shareholders BC Partners and the Canada Pension Plan Investment Board sold an additional 7,781,110 shares in the IPO for $233 million. Proceeds from their sales went to the pension funds, not to Altice USA.
Altice USA shares fell about 3 percent Tuesday to close at $32.86 on the NYSE.
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