More details emerged about Clearwire Corp.’s planned initial public offering, with the company’s most recent Securities and Exchange Commission filings showing an offering of 20 million shares for an anticipated price of between $23 and $25 per share. The numbers suggest a $460 million to $500 million IPO for the company.
The company did not provide a date for its IPO.
Clearwire said its founder, chairman and co-CEO Craig McCaw currently owns a 52-percent stake in the company, and that Intel Corp. owns a stake of about 32 percent. After an IPO, McCaw and Intel would control about 79 percent of shareholder votes, with McCaw holding about 49 percent of the voting power and Intel directly holding stock that represents about 30 percent of the voting power.
Clearwire has said it plans to introduce a PC card for its existing network in the second half of this year that will enable mobile access, and that it plans to eventually “offer other premium services and applications, such as Wi-Fi hot spots, public-safety services, security services, and subscription-based technical support.”
The company said that, as of year-end 2006, it offered services in 34 markets and covered an estimated 8.6 million people, with a wireless broadband customer base of more than 206,000.
Clearwire details IPO pricing
ABOUT AUTHOR
