Altice USA Inc. and two of its shareholders plan to sell 46.6 million shares in an initial public offering, at a price of $27 to $31, the Bethpage-based company said in a securities filing on Monday.
The filing did not say when the stock will be sold. The IPO will raise at least $1.26 billion.
After the IPO, Altice USA will be among Long Island’s largest public companies and rank in the Fortune 500 listing based on the securities filing. It said the broadband, cable and telephone provider had 2016 pro forma revenue of about $9 billion.
The company was formed last year after Netherlands-based Altice N.V. purchased Suddenlink of St. Louis and Cablevision Systems Corp. of Bethpage.
Altice N.V. and its founder, Patrick Drahi, will still control Altice USA as owners of the majority of the stock after the IPO.
Altice USA owns 25 percent of Newsday Media Group.
According to the securities filing, Altice USA shares will trade on the New York Stock Exchange under the symbol ATUS.
Altice USA will sell 12 million shares. The other sellers are BC Partners, 20.9 million, and Canada Pension Plan Investment Board, 13.6 million. BC Partners and the Canada Pension Plan also may sell an additional 5.2 million shares, the filing said.
Up to 5 percent of the shares have been reserved for sale to Altice N.V. and Altice USA employees. Altice USA had 15,300 workers across the country as of March 31.
The company plans to use proceeds from the stock sale to reduce its debt, the filing said.
Altice N.V. shares are traded on the Euronext stock exchange in Amsterdam.