ClearWire Raises IPO Ante

When Craig McCaw’s ClearWire Corp. filed for a $400 million IPO in May 2006, it never got around to filing an amended S-1 with specific offering terms. Instead, the Kirkland, Wash.-based WiMAX company designed a $900 million private equity infusion led by Intel Capital.

This time, however, it seems that ClearWire is moving forward. It filed for another $400 million offering in December, and today disclosed terms that indicate a goal of closer to $500 million. Specifically, the company plans to offer 20 million common shares at between $23 and $25 per share. It plans to trade on the Nasdaq under ticker symbol CLWR, with Merrill Lynch, Morgan Stanley and JPMorgan serving as co-lead underwriters. Seven other banks also are participating.

Prior to the $900 million infusion, ClearWire had raised over $300 million in venture funding from firms like Bell Canada, Motorola and Intel Capital. None of those three firms is expected to sell shares through the IPO.