Nynex CableComms Group Plc is to offer 305m equity units representing one share in itself and one in Nynex CableComms Group Inc at 131 pence to 151 pence apiece, $20.58 and $23.72 apiece for the American Depositary Shares to be sold in the US, each of which consists of 10 units. The offer is expected to raise ú400m to ú460m, valuing the company at ú1,200m to ú1,400m. CableComms, whose franchises cover 2.7m homes, says it had so far built around 30% of its network and is looking to invest a further ú1,500m to complete it. Nynex Corp will hold 67% of the company after the offerings. The company did not name the issue managers.
