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Cincinnati Bell (CBB -6.9%) sold off after its CyrusOne (CONE) subsidiary set a price range of...
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Tuesday, January 8, 5:51 PM ETCincinnati Bell (CBB -6.9%) sold off after its CyrusOne (CONE) subsidiary set a price range of $16-$18 for its 16.5M-share IPO. That's good for a market cap of $312M-$351M. IPO buyers will own 84.5% of CyrusOne after the offering, and CBB just 9.7% (employees will own the rest). CyrusOne had revenue of $162.8M (+22% Y/Y) for the first 9 months of 2012, and a net loss of $5.1M. (S-1)
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This way, Cincinnati Bell expects to effectively own approximately 71.6% of CyrusOne.
Market cap will be around 1 billion, at the mid point.