French cable operator Numericable has filed documents with NYSE Euronext Paris to list 20 to 40 percent of its capital in an IPO. CEO Eric Denoyer announced at a press conference that the move would give shareholders a window of liquidity and the company the means to invest more in its network. Reuters reports that he declined to give an indication of the timing for the IPO, although unnamed sources said it could take place in early November and value the company at about EUR 5 billion.
Numericable’s IPO document states that it expects 2-5 percent annual revenue growth between 2013 and 2016, from EUR 1.3 billion in 2012. It targets a 50 percent EBITDA margin in 2016, up on 47.6 percent in 2012. Network upgrade investments are projected to be EUR 220-230 million between 2014 and 2016. Numericable also said it would consider paying a dividend from 2015.
In parallel with its stock market listing, the company will conduct a capital increase of EUR 200-250 million, all or most of which will be taken up by Numericable founder Patrick Drahi. Les Echos and Le Monde add that enterprise operator Completel, Numericable’s sister company, will go public at the same time.
