Friday, April 20, 2007

MetroPCS Climbs 19% in First Day of Trading: DealBook

"Shares of MetroPCS, whose all-you-can-talk business model provides low-cost cell phone service, bolted out of the gate Thursday in the first billion-dollar initial public offering of 2007.
After raising $1.15 billion by selling 50 million shares for $23 each, above the expected $19 to $21 range, stock in the Dallas-based company climbed $4.35, or 19 percent, at $27.35 on the first day of trading on the public markets.
Investors in the public markets leaped at the opportunity to capture the growth of MetroPCS, whose revenue climbed 49 percent in 2006 to $1.5 billion. Meanwhile, the company’s private investors, including Madison Dearborn Capital Partners and TA Associates found a lucrative exit point. "

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