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Verizon revives $5B IPO
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November 9, 2001: 12:08 p.m. ET
Unit of Verizon Communications hopes to complete $5B IPO by mid-2002
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NEW YORK (CNNmoney) - Verizon Wireless Inc. revived plans Friday for its long-awaited $5 billion initial public offering and still plans to stick with its lead underwriters.
Verizon, which initially filed for its IPO in August 2000, hopes to complete the IPO by mid-2002 and trade under the New York Stock Exchange ticker "VZW."
However, the largest U.S. wireless-phone service provider did not set a price range or list the amount of shares it would sell.
Verizon has 27.9 million subscribers in the United States as of June 30, of which 17.9 million were digital subscribers.
Parent Verizon Communications owns 55 percent of Verizon Wireless, while Vodafone owns 45 percent. Verizon (VZ: up $0.34 to $50.28, Research, Estimates) and U.K.-based Vodafone Group Plc. (VOD: down $0.29 to $25.61, Research, Estimates) will be able to control the management and affairs of the wireless unit as well as veto significant decisions, the company said in a filing with the Securities and Exchange Commission Friday.
Bedminster, N.J.-based Verizon Wireless is profitable. Operating income rose by 27 percent to $8.4 billion while operating income surged by nearly 68 percent to $1.1 billion for the six months ended June 30.
Verizon Wireless originally filed the $5 billion IPO in August of 2000. The offering, co-led by Goldman Sachs & Co. and Merrill Lynch, was expected the following September. However, in October of last year, Verizon Wireless disclosed that it was delaying the sale due to market volatility.
Since that time, the new issue has languished in registration with parent Verizon Communications never officially postponing the IPO. 
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