LONDON, Jan 29 (Reuters) - Cable group Altice has narrowed the price range for its planned stock market debut to around the middle of the original range, two sources close to the deal said on Wednesday.
Altice, which owns French and Belgian cable companies and mobile operations in Israel, is now offering its shares at 27 to 29 euros each, and has received enough demand for all of the shares on offer throughout that range, the sources said.
It had originally set a range of 24.75 to 31.25 euros per share.
Order books on the sale of 20 to 25 percent of the company close on Thursday, with the shares due to begin trading on the Euronext exchange in Amsterdam on Jan. 31.
The initial public offering (IPO) could raise as much as 1.5 billion euros ($2 billion) if an overallotment option - whereby extra stock can be sold if there is strong demand - is exercised.
Altice’s owners and management, including founder and Chairman Patrick Drahi, are seeking to raise funds to reduce the group’s debt and bolster its ability to expand through acquisitions.
Altice agreed in November to buy Orange’s mobile unit in the Dominican Republic for $1.4 billion and touted a pipeline of possible deals in a pitch to investors this month. It also owns 40 percent of French cable operator Numericable and is the No. 1 pay-TV provider in Israel.
Altice’s IPO will include an issue of 750 million euros worth of new shares by the company, which is now owned by founder Drahi and management. Next LP, a holding company owned by Drahi, will also sell existing shares worth 555 million euros.
Goldman Sachs and Morgan Stanley are running the offering and acting as joint bookrunners along with Credit Suisse, Deutsche Bank and HSBC. ($1 = 0.7329 euros) (Reporting by Kylie MacLellan; Editing by Pravin Char)