CommScope bags half a $billion in IPO
CommScope raised well over half a billion dollars in its IPO this week.
The company and key investor Carlyle Group together sold approximately 38.5 million shares priced at $15 each, netting $576.9 million. CommScope had expected its IPO to price at $18 to $21 a share.
CommScope’s shares are trading under the symbol COMM on the Nasdaq Global Select Market. CommScope re-entered the public trading market after becoming a private company in early 2011 following its acquisition by affiliates of The Carlyle Group.
The company said it will use its share of the proceeds to redeem $399 million in senior notes due in 2019.
The company recently introduced a high-density versions of its QAM product line, in preparation for a full CCAP product. CCAP sets out the integration of QAMs and CMTS, and CommScope is preparing the introduction of a related CMTS product. CommScope’s Sunil Frida told CED at the Cable-Tec Expo convention that the company expects to introduce that product sometime next year.
The firm, based in Hickory, NC, offers radio frequency (RF) solutions, intelligent connectivity and cabling platforms, data center and intelligent building infrastructure and broadband access solutions. Though its extensive history, CommScope has been instrumental in the creation of cable television infrastructure, the first wireless networks, the first data centers and the first intelligent buildings. The company’s approximately 12,000 employees serve customers in more than 100 countries.
CommScope chief executive officer Eddie Edwards (center), the senior leadership team of CommScope, celebrates its initial public offering and first stock trading Friday, October 25, at the NASDAQ MarketSite in Times Square, New York City during the Opening Bell ceremony.