MetroPCS raises $1.15 billion in IPO
From Bloomberg News
MetroPCS Communications Inc., a mobile-phone company that sells flat-rate calling plans in metropolitan areas, raised $1.15 billion in the biggest initial stock sale of 2007.
The Dallas-based company sold 50 million shares for $23 each. The price was more than the $19-to-$21 range it had predicted.
The stock will begin trading today under the ticker “PCS” on the New York Stock Exchange. The offering is being managed by Bear Stearns & Co., Banc of America Securities, Merrill Lynch & Co. and Morgan Stanley.
The money will fund an expansion in New York, Philadelphia, Boston and Las Vegas. MetroPCS targets customers who shun long-term contracts offered by rival services.
