MetroPCS - Top U.S. Wireless IPOs in 2007

Symbol: PCS
Hometown: Dallas
Founded: 2002
Employees: 2046
Date of IPO: April 18, 2007
Shares: 50 million
Offer price: $23
Underwriters: Bear Stearns, Banc of America

The company's background: MetroPCS provides "unlimited" wireless communications service for a flat rate with no signed contract. The company owns or has access to licenses covering a population of approximately 140 million people in 14 of the top 25 largest metropolitan areas in the United States, including New York, Philadelphia and Boston. In July 2004, MetroPCS shelved its IPO plans, which consisted of a 24 million share offering that could have brought in $504 million. The official statement at the time was that they were "postponing such offering pending their review of certain accounting issues that came to their attention." MetroPCS plans to use the IPO money to build out its offerings in the markets in which it recently acquired AWS licenses. The licenses cover a unique population of about 117 million and cost the carrier nearly $1.4 billion.

How did the IPO go? The initial offering went very well for MetroPCS, which sold its 7.3 million shares at $23 apiece, but they quickly shot up to $27.40. Today the stock is down some 29.7 percent from its original IPO price.

MetroPCS - Top U.S. Wireless IPOs in 2007