WOW! public offering falls flat

DENVER — WideOpenWest Inc., a cable and broadband provider, failed to impress Wall Street on its first day as a public company.

WOW! expected to offer more than 19 million shares for $20 to $22 per share, but only netted selling 18 million at $17 per share, writes the Denver Post. 

The Denver Tech Center-based company’s stock continued to drop on Thursday, going as low as $16 per share and ending the day at $16.50, a full $4-$6 less than what was initially hoped for.

SPONSORED CONTENT

The many benefits of simple, coordinated healthcare

Kaiser Permanente combines health care and coverage in one connected system to maximize employee health and minimize employer costs.

Steven Cochran, the company’s CEO, said on Thursday that the company has a different story than what investors might be used to. The Midwestern and Southeastern cable provider has gained popularity by providing internet-only options for customers who are interested in cutting the cord on cable.

In its public offering WOW! raised $310 million, which it said it plans to use to pay down higher interest rate loans.