Regional telecommunications provider Ntelos Holdings Corp. reported plans for an initial public offering of up to 15 million shares of common stock. If approved, the IPO could raise as much as $175 million for the company. According to a Securities and Exchange Commission filing, Lehman Brothers and Bear, Stearns & Co. Inc. will underwrite the IPO.
Ntelos earlier this year was acquired by an affiliate of Citigroup Venture Capital Equity Partners L.P. and Quadrangle Capital Partners LP for more than $700 million. The deal followed Ntelos taking its shares private after emerging from bankruptcy protection in 2003.
Ntelos, which previously served as a partner of Sprint Nextel affiliate Horizon PCS Inc., operates a CDMA-based wireless network covering parts of Virginia, West Virginia, Kentucky and North Carolina.
