The offering consists of 63,943,029 shares of class A common stock, for a total raise of $1.92B.
Altice's IPO comes close on heels of another offering by cable company WideOpenWest Inc (NYSE: WOW), which marked the first cable company IPO in five years, according to Reuters.
The company, which Netherlands-based Altice NV put together by acquiring Cablevision Systems and Suddenlink Communications, is only the second US cable operator to go public in the last five years. Altice sold about 12 million of those shares, while the rest were sold by shareholders.
Drahi fattened Altice NV into a telecoms and cable empire through debt-heavy acquisitions in Europe and Israel, and entered the US market in 2015 by acquiring cable company Suddenlink for $9.1 billion. BC Partners and CPPIB have granted the underwriters a 30-day option to purchase up to 7,781,110 additional shares of Class A common stock.
The Euro parent will control 70.3% of the US company's stock and 98.3% of the voting rights.
With most of the shares being provided by BC Partners funds and CCPIB, Altice USA itself is selling a relatively small proportion of its stock in the face of strong demand.
As The Wall Street Journal noted, investors are betting on Altice's recent track record.