CommScope Holding Co., the telecommunications-equipment maker backed by Carlyle Group LP, is seeking as much as $808 million in an initial public offering.
The company and Carlyle will offer 38.5 million shares to investors at $18 to $21 apiece, according to a statement today. CommScope will use its proceeds to repay debt.
The sale comes three years after Carlyle, the world’s second-biggest private equity firm, said it would acquire the Hickory, North Carolina-based CommScope for about $3 billion, excluding the value of debt. At the top of the offering range CommScope is valued at $3.9 billion, according to data compiled by Bloomberg.
CommScope, which counts AT&T Inc. and Verizon Communications Inc. among its customers, may be the largest telecom IPO in the U.S. this year, topping phone-conferencing services provider West Corp. (WSTC), which raised about $426 million in March, data compiled by Bloomberg show. Demand for smartphone and tablet communications has provided a boost to CommScope, which posted sales of $1.75 billion in the first six months of 2013, an increase of over 10 percent from a year ago, according company filings.
Carlyle is selling 7.7 million shares and the Washington-based firm will own 78 percent of CommScope after the offering, the filing showed. Carlyle may sell more shares as part of the underwriters’ overallotment option.
JPMorgan Chase & Co., Deutsche Bank AG and Bank of America Corp. are managing the offering. CommScope has applied to list its shares on the Nasdaq Stock Market under the symbol COMM.
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