Friday, March 09, 2007
US wireless ISP Clearwire has raised USD600 million from an initial public offering (IPO). The firm sold 24 million shares at USD25 each, giving it a market capitalisation of USD3.9 billion. Founder Craig McCaw is still Clearwire’s largest shareholder following the sale, with other investors including Intel and Motorola. The proceeds from the IPO will be used to help fund Clearwire’s rollout of mobile WiMAX wireless broadband technology; it currently offers wireless internet services using proprietary equipment from its former subsidiary NextNet Wireless, which was acquired by Motorola last year. Clearwire currently offers wireless internet services in 34 US markets where it has attracted more than 180,000 subscribers.