US cable operator Wow! has announced the launch of its initial public offering of over 19 million shares, priced to the public at USD 20.00-22.00 per share. A greenshoe has also been granted, for an additional 2.8 million shares. The pricing translates into proceeds ranging at USD 380-418 million, plus the greenshoe. All the shares will be listed on the New York Stock Exchange (NYSE).
UBS Investment Bank and Credit Suisse are acting as lead joint book running managers, with RBC Capital Markets, SunTrust Robinson Humphrey, Evercore ISI and Macquarie Capital acting as joint book running managers and LionTree and Raymond James as co-managers.
The company filed preliminary papers with the SEC for its IPO in March. Wow's net profit jumped to almost USD 32 million from 4.8 million in the first quarter, despite revenues sliding lower to USD 300 million.
