MetroPCS Prices Above Range

MetroPCS Communications Inc., a Dallas-based wireless communications services provider, priced 50 million shares at $23 per share ($19-$21 range), for an IPO take of approximately $1.15 billion. The deal gives MetroPCS a market cap of almost $8 billion, compared to a $2.2 billion post-money valuation when TA Associates and Madison Dearborn Partners invested $688 million in late 2005. Shareholders include TA (13.24% pre-IPO stake), Madison Dearborn (13.20%), Accel Partners (11.26%), M/C Venture Partners (8.45%) and Battery Ventures. MetroPCS had priced an IPO at $17 per share back in 2003 but, before the company could begin trading on the Nasdaq exchange, certain accounting inconsistencies were discovered and the IPO was withdrawn.