MetroPCS Communications files for IPO of up to $1.13 billion

Posted on Thu, Jan. 04, 2007

WASHINGTON (Dow Jones/AP) -- Cell-phone carrier MetroPCS Communications Inc. on Thursday filed for an initial public offering of up to $1.13 billion in common stock.

The Dallas-based company's blockbuster offering follows withdrawal of an IPO more than two years ago. It offers cell-phone service in parts of California, Florida, Georgia, Michigan and Texas.

MetroPCS didn't provide details about the number of shares offered and estimated price range for the IPO in its filing with the Securities and Exchange Commission.

Some of the shares will be sold by selling holders, the filing said.

The company said it will use net proceeds from the IPO to build out its network and launch its services in some of the company's recently acquired markets, as well as for general corporate purposes.

Bear, Stearns & Co., Banc of America Securities LLC, Merrill Lynch & Co. and Morgan Stanley were listed as underwriters for the offering.

MetroPCS had earlier filed for an IPO in March 2004, and planned to sell up to $250 million in common stock. The company, however, withdrew the offering in August of that year, saying it needed to review the accounting issues in its financial statements.

For the nine months ended Sept. 30, 2006, MetroPCS reported net income of $70.6 million, off from $179.8 million in the 2005 comparable period.

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