CommScope Expects To Price IPO In $18 - $21 Per Share Range

(RTTNews) - CommScope Holding Co., a global provider of connectivity and infrastructure solutions for wireless, business enterprise and residential broadband networks, said in its regulatory filing Friday that it expects to price its initial public offering of 38.5 million shares of between $18.00 and $21.00 per share.

The company, which was founded in 1976, plans to sell 30.8 million shares, and the selling stockholder, an affiliate of Carlyle Group L.P. (CG) is offering 7.7 million shares. Following the offering, the Carlyle affiliate is expected to remain the majority shareholder of the company.

The Hickory, North Carolina-based CommScope plans to list on the NASDAQ Global Select Market under the symbol "COMM."

For the six months that ended June 30, CommScope swung to a profit of $17 million from a loss of $11.4 million in the prior-year period as revenue climbed to $1.75 billion from prior year's $1.58 billion.

CommScope said it estimates net sales for the quarter ended September to fall marginally year-over-year to $880-$895 million. The estimated decrease in net sales is primarily due to lower Broadband segment net sales that were partially offset by higher Wireless segment net sales. For the quarter, Operating income is expected to be between $95.0 million and $105.0 million, an increase of 37.0% at the midpoint of the range as compared to $73.0 million last year while adjusted operating income is expected to be between $155.0 million and $165.0 million, a decrease of 3.0% at the midpoint of the range, as compared to $164.9 million in the prior year. J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as underwriters.