NEW YORK-Stet Hellas Telecommunications S.A., a Greece-based wireless carrier owned 20 percent by Bell Atlantic Corp., went public June 3 through an equity offering by a holding company.
Bell Atlantic said it did not reduce its position in Stet Hellas as part of the initial public offering.
Stet Mobile Holding N.V. received all proceeds of the IPO of 11 million ordinary shares, sold at $27 each in the form of American Depository Shares on the Nasdaq National Market and Dutch Depository Receipts on the Amsterdam Stock Exchange. J.P. Morgan Securities Ltd., New York, was lead underwriter and global coordinator of the issue.
Stet Hellas shares closed their first trading day at $32.75 each. Based on that closing price, the carrier has a market value of $2.4 billion.
“The success of this offering confirms the tremendous value of Stet Hellas,” said Tom Bartlett, president and chief executive officer of Bell Atlantic International Wireless.
“Our investment in Stet Hellas also supports our global wireless portfolio’s targeted 20 percent to 30 percent contribution to Bell Atlantic earnings growth in 1998 and beyond.”
Established in 1992 as one of two Global System for Mobile communications carriers in Greece, Stet Hellas had 390,000 customers and $293 million in revenues at the end of 1997. The company markets its services under the Telestet brand name.
