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Industry: Email Alert RSS FeedMetroPCS shoots for $1B with IPO.(Upfront)
RCR Wireless News, April, 2007
Byline: KELLY HILL Flat-rate carrier MetroPCS Communications Inc. said it expects to raise a bit more than $1 billion when it makes an initial public offering. According to filings with the Securities and Exchange Commission, the company plans to sell 50 million shares for between $19 and $21 per share; another 7.5 million shares are subject to an over-allotment option granted to the IPO's underwriters, which include Bear Stearns & Co.
Inc., Banc of America Securities L.L.C., Merrill Lynch & Co. and Morgan Stanley. MetroPCS said in its filing that it owns or has access to wireless spectrum covering about 140 million potential customers, including 14 of the top 25 largest markets. As of year-end 2006, the carrier covered POPs of about 39...
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