French cabler Numericable starts IPO process

French cable operator Numericable has launched the process of seeking a public listing by publishing a document for approval by the country’s financial markets regulator.

Numericable’s move follows its merger in August with sister-company Completel. The IPO has been chosen as the second best exit strategy by shareholders Carlyle and Cinven, each with a 37.5% stake and Altice, which holds 24%, after a mulled merger with SFR failed to materialise.

Numericable has not unveiled the amount it hopes to raise, but the flotation is expected to be one of the largest France has seen in recent years.

CEO Eric Denoyer has previously indicated that the cmopany could float between 20-40% of its shares and that it could seek a small capital increase of between €200-250 million.

Analysts believe Numericable could be valued at over €5 billion, including net debt.