WideOpenWest has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company expects to price its 19.05 million shares in the range of $20 to $22 per share, with an overallotment option for an additional 2.86 million shares. At the maximum price, the offering is valued up to $481.9 million. The company intends to list its shares on the New York Stock Exchange under the symbol WOW.
The underwriters for the offering are UBS Investment Bank, Credit Suisse, RBC Capital Markets, SunTrust Robinson Humphrey, Evercore ISI, Macquarie Capital, LionTree and Raymond James.
This is the sixth largest cable operator in the United States, as ranked by number of customers on December 31, 2016. The company provides high-speed data (HSD), cable television (Video), voice over IP-based telephony (Telephony) and business-class services to a service area that includes approximately 3.0 million homes and businesses.
The services are delivered across 19 markets via its advanced hybrid fiber-coaxial (HFC) cable network. The footprint covers over 300 communities in the states of Alabama, Florida, Georgia, Illinois, Indiana, Maryland, Michigan, Ohio, South Carolina and Tennessee. Led by a robust HSD offering, its products are available either as a bundle or as an individual service to residential and business services customers. As of March 31, 780,100 customers subscribed to its services.
WideOpenWest commented in the filing:
We operate primarily in economically stable suburbs that are adjacent to large metropolitan areas as well as secondary and tertiary markets, which we believe have favorable competitive and demographic profiles and include businesses operating across a range of industries. We benefit from the ability to augment our footprint by pursuing value-accretive network extensions (“edge-outs”) to increase our addressable market and grow our customer base. We have historically made selective capital investments in edge-outs to facilitate growth in residential and business services. Additionally, we provide a range of services to small, medium and large businesses within our footprint, and we believe we have the opportunity to grow our business services market share with our robust product suite.
The company intends to use the proceeds from this offering to repay its indebtedness, with the remainder going to pay for working capital and general corporate purposes.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
