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AT&T files for wireless tracking stock IPO

The telecommunications giant unveils the financial condition of its wireless operations as it looks to spin off the division as a tracking stock.

AT&T today unveiled the financial condition of its wireless operations, as the telecommunications giant looks to spin off the division as a tracking stock.

AT&T, which filed its initial public offering documents with the Securities and Exchange Commission, is expected to generate strong interest from Wall Street when it floats out the offering.

Although the company did not list the number of shares it plans to offer or the pricing range, the IPO is expected to be the largest in U.S. history--possibly raising upward of $10 billion.

According to today's filing, the wireless division generated profits of $44 million for the nine-month period ended Sept. 30 on revenues of $5.5 billion.

The company expects to spend billions of dollars to build out its network.

"The AT&T Wireless Group currently estimates that its capital expenditures for build-out of its networks, including expenditures related to its fixed wireless operations, during 2000 will total $4.1 billion," the filing states.

Nonetheless, IPO analysts predict that the offering will garner strong investor demand, given the interest in wireless offerings.

The wireless group will include AT&T's voice and data business, fixed-wireless operations and international business. The telecommunications giant last month received approval from its shareholders to move forward with the spin-off, and executives have previously said they expect to debut the IPO this spring.