Wireless tower owner Global Signal Inc., formerly Pinnacle Holdings, has returned to the public market with an initial public offering of 7 million shares of common stock priced at $18 per share.
Shares of Global Signal, under the symbol GSL, began trading today, and the IPO is expected to close June 8. The stock was trading at $20.26 per share, up more than 12.5 percent from opening, by mid-morning today.
The IPO’s underwriters, represented by Morgan Stanley, Banc of America Securities L.L.C., Lehman Brothers and Raymond James, were also granted an option to purchase up to 1.05 million shares to cover any over-allotments.
The offering brings the total number of public tower companies back to five. Shares of the other tower companies are currently priced between approximately $4 and $40, with SBA Communications Corp. falling shortest and SpectraSite Inc. leading. American Tower Corp. and Crown Castle International Corp. round out the other public tower companies.
Global Signal, known as Pinnacle until early this year, emerged from Chapter 11 bankruptcy protection in late 2002 to operate as a private company. The company currently counts more than 3,300 tower and rooftop communications sites throughout the United States and Canada in its portfolio.
