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Nextel Int'l cancels IPO
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March 15, 2001: 11:12 a.m. ET
Wireless unit of Nextel Communications cites market conditions for move
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NEW YORK (CNNfn) - Nextel International, a unit of Nextel Communications, announced Thursday that it is canceling its planned IPO due to market conditions.
Nextel International decision comes after parent Nextel Communications warned Wednesday that first-quarter financial results would be hurt by slowing business purchases, downsizing, and higher costs.
Nextel Communications (NXTL: Research, Estimates) now expects first-quarter and operating cash flow to be about 15 percent less than fourth-quarter results.
Reston, Va.-based Nextel International has wireless operations and investments in Brazil, Canada, Mexico, Argentina, Peru, Chile, and Japan. In February, Nextel International lowered the price range of its IPO but expanded the number of shares it planned to offer.
 Nextel expected to sell 60 million shares at $10-to-$12 each via lead underwriters Goldman Sachs and Morgan Stanley Dean Witter. The wireless provider filed in November to sell 45.5 million shares at $16 to $18 each.
Nextel International originally filed for the IPO in August and planned to float its offering in November. The deal was apparently delayed to this week due to market conditions.
The company had planned to priced its deal Thursday and trade Friday. Parent Nextel Communications would have owned about 86 percent of outstanding common stock after the IPO, the company said in an SEC filing. Nextel International had planned to trade under the Nasdaq symbol "NXTI."
Shares for Nextel rose 75 cents to $15.38 Thursday in late morning trading. 
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