PE-backed Numericable to price Paris listing at top of range — Reuters

French cable operator Numericable is set to price its Paris stock market listing at 24.80 euros a share, the top of its offer range, two sources close to the deal said on Wednesday.

Private equity-backed Numericable, which was offering the shares for between 20.30 euros and 24.80 euros each, has seen strong demand, receiving orders for all the shares on offer within a day of launching the sale last month.

Potential investors were told on Wednesday that those with orders below 24.80 euros per share risked missing out on the offering, which is due to close on Thursday, the sources said.

A third source said at that price, the order books were 8 times oversubscribed as of Tuesday.

The company, which will be valued at up to 5.57 billion euros ($7.5 billion) including debt, is due to make its market debut on Nov. 8.

Numericable has said the proceeds of the listing will go to pay down debt and fund investment in the group’s network. It will also give a partial exit to private-equity funds Cinven and Carlyle. ($1 = 0.7421 euros) (Reporting by Kylie MacLellan, additional reporting by Matthieu Protard in Paris, editing by Sinead Cruise)