TELECOMMUNICATIONS
From Times Staff and Wire Reports
Pactel Corp. Goes Public Today: Pacific Telesis Group is venturing today into “unplugged” territory when its cellular telephone business goes public as a separate company. Priced at $23 a share, the high end of the expected range, stock in the new Pactel Corp. will be traded on the New York Stock Exchange beginning this morning. As many as 68.5 million shares are expected to be snapped up immediately. Worth at least $1.38 billion, the sale of more than 12% of the new wireless company promises to be the third-largest initial public stock offering ever. The rest of the company will be divvied up among holders of Pacific Telesis. The new stock will trade under the symbol PTW.
