WideOpenWest, Inc. set the price range for its initial public offering late Monday, planning to issue 19 million shares of stock at between $20 and $22 each.
Underwriters also have the option of purchasing an additional 2.8 million shares at the same price, bringing the total potential proceeds of the offering to about $480 million.
In documents filed with the Securities and Exchange Commission Monday, WOW didn’t set an official date for the IPO yet – that will come after the SEC deems the company's registration statement effective. The company said after the IPO is completed, it will have about 86.3 million shares outstanding, meaning the public will own about 25% of the company.
After the offering, according to the SEC documents, Avista Capital Partners, one of the original investors in WOW, will own 44% of its stock, while Crestview Partners, which purchased 35% of the company in 2015 for $125 million, will own 29%.
WOW, which earlier today unveiled a new logo, said in the documents that it would be classified as a “controlled company” meaning that at least 50% of its voting power is held by an individual, group or another company and may not elect to comply to certain corporate governance requirements, such as the requirement that a majority of its board of directors are independent; that nominating and corporate governance matters be decided solely by independent directors and that employee and officer compensation be decided solely by independent directors. The company said in the filing that it intends to utilize those exemptions once the offering is completed.
WOW had initially announced its intention the launch the IPO in March. According to the statement issued today, the stock is expected to trade on the New York Stock Exchange under the symbol "WOW."
UBS Investment Bank and Credit Suisse are acting as lead joint book running managers and RBC Capital Markets, SunTrust Robinson Humphrey, Evercore ISI and Macquarie Capital are acting as joint book running managers for the offering. LionTree and Raymond James are acting as co-managers.
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