NEW YORK-Verizon Communications hopes to raise $5 billion in an initial public offering of its Verizon Wireless business, according to documents filed Aug. 24 with the Securities and Exchange Commission.
The company said it will use net proceeds to pay for network expansion, the acquisition of additional wireless licenses and other wireless assets and for other general corporate purposes. Verizon estimates it will need $4.3 billion next year for capital expenses.
The IPO, to be lead-managed jointly by Goldman, Sachs & Co. and Merrill Lynch & Co., could go to market as early as next month. Verizon Communications did not disclose in its IPO registration the expected number of shares or their price range.
Verizon Wireless, headquartered in Bedminster, N.J., had 25.4 million subscribers as of June 30.
Verizon Communications had said as early as April that it planned to take the wireless unit public.
