MetroPCS Sets IPO Terms

MetroPCS Communications Inc., a Dallas-based wireless communications services provider, has set its IPO terms to 50 million shares being offered at between $19 and $21 per share. It plans to trade on the NYSE under ticker symbol PCS, with Bear Stearns serving as lead underwriter. The company has raised around $415 million in venture capital funding since its 1994 inception. It also secured an additional $688 million in late 2005 from TA Associates and Madison Dearborn Partners, but that capital was used to fund a tender offer for shares from existing stockholders (TA and Madison also provided $50m in new capital, which is included in the $688m figure). Shareholders include TA (13.24% pre-IPO stake), Madison Dearborn (13.20%), Accel Partners (11.26%) and M/C Venture Partners (8.45%). 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company could begin trading on the Nasdaq exchange, certain accounting inconsistencies were discovered and the IPO was withdrawn.