WOW! falls short of $400M target at IPO, raises only $309M

WOW! logo
WOW! recently underwent a rebranding, in which it changed its logo but not its name.

WideOpenWest, or WOW!, fell short of its goal to raise $400.05 million with an initial public offering, taking in only $309.4 million. 

In March, the Denver-based MSO filed preliminary documents for an initial public offering, indicating the potential to raise as much as $750 million through its IPO.

WOW! is the sixth-largest cable operator in the U.S., with 772,300 video, high-speed data and voice customers. Its footprint spans nearly 3 million homes, overbuilding into Comcast and Charter Communications terrain in regions including the Midwest and Southeast. 

The IPO filing and new logo come as the MSO has returned to growth after several years of debt struggles and layoffs. In December 2014, for example, the company laid off roughly 9% of its 3,000-worker labor force.

RELATED: WOW! files for IPO, rolls out new logo

The report on the IPO performance of the nation’s No. 6 cable operator comes via investment site Heavy. Light Reading, which first picked up the report, talked to WideOpenWest Holdings CEO Steven Cochran, who said WOW! will remain focused on what are now the staples of the mid-sized cable operator industry—residential broadband and business services. 

WOW! has no plans to try to reinvigorate its pay TV business with streaming skinny bundles, or to pursue M&A.

"We are not going to buy just to get bigger because we think we can compete very effectively at our size," Cochran told Light Reading. Its management team takes "a lot of pride in what we do and a lot of pride in taking care of our customers and employees, and our business plan is all driven around doing more of that."