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News > Deals
Verizon to amend IPO S-1
June 19, 2001: 5:21 p.m. ET

Wireless unit to amend prospectus, add new financial terms; still plans IPO
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NEW YORK (CNNfn) - Verizon Wireless, the largest U.S. wireless-phone service provider, still plans to launch an initial public offering sometime this year, a spokesman told CNNfn.com.

Bedminster, N.J.-based Verizon Wireless now plans to file a revised prospectus, an S-1, that will feature updated financial information, within the month, said Verizon spokesman Jim Gerace.

"We hope to [file] it shortly, market conditions permitting," Gerace said.

However, Gerace declined to comment on whether the S-1 will have terms or whether Verizon will change the size of the IPO.

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In August 2000, Verizon Wireless filed with the Securities and Exchange Commission for a $5 billion IPO. The offering, co-led by Goldman Sachs & Co. and Merrill Lynch & Co., was expected last September. However, in October, Verizon delayed the sale due to market volatility.

The prospectus has remained unchanged, without terms or a price range, since it was filed with the SEC last August. "We've had two quarters of financial data that need to be updated," Gerace said.

The $5 billion IPO was expected to launch sometime in second or third quarter but market conditions caused parent Verizon Communications to hold off.

New York-based Verizon Communications (VZ: down $0.09 to $52.10, Research, Estimates) owns 55 percent of Verizon Wireless, while Britain's Vodafone Group PLC owns 45 percent.

The revised filing does not signal that Verizon plans to pull the wireless IPO. "Our intention is to eventually take a piece of company public," Gerace said. graphic

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