NEW YORK-UbiquiTel Inc., the Bala Cynwyd, Pa., affiliate of Sprint PCS, went public June 7 with an offering of 12.5 million shares priced at $8 each.
The carrier reduced the share price and the shares offered in order to get the deal sold.
Early June 1, UbiquiTel lowered the expected price range on the initial public offering for the second time in just more than two weeks, to $8-$10, down from the $12-$14 planned as of May 15. Originally, UbiquiTel had filed with the Securities and Exchange Commission to go public with an offering priced between $13 and $15 per share.
In selling its IPO, the wireless operator also lowered the number of shares to 12.5 million. This was the same number as UbiquiTel initially anticipated, but in its May 15 amended IPO registration, the carrier had filed to increase the number of shares 14.5 million.
Donaldson, Lufkin & Jenrette Securities Corp., New York, was lead underwriter for the IPO.
UbiquiTel is the exclusive provider of Sprint PCS services to mid-size and smaller markets in the West and Midwest.
