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Mobile

Verizon Wireless shoots for $5 billion IPO

The division of Verizon Communications says it will use the proceeds to fund network expansion, acquire wireless licenses and more.

    Verizon Wireless plans to raise up to $5 billion in its initial pubic offering, according to a Securities and Exchange Commission filing issued today.

    Verizon Wireless, a unit of Verizon Communications, has been aiming to file for an initial public offering (IPO) since its April launch. The wireless carrier was created by the merger of Bell Atlantic and Vodafone's U.S. mobile-phone networks.

    Verizon Wireless did not disclose specific pricing details for its offering or its official ticker symbol. Underwriters Goldman Sachs and Merrill Lynch will be managing the offering.

    Verizon Communications, the nation's largest local and wireless telephone company, was formed in June by the merger of Bell Atlantic and GTE.

    Bedminster, N.J.-based Verizon Wireless said in its filing that it had 25.4 million subscribers as of the end of June. The company competes in the burgeoning wireless market against rivals AT&T Wireless, Sprint PCS and Nextel Communications.

    The company said it will use net proceeds from its offering to fund general corporate purposes, such as network expansion, and to acquire additional wireless licenses and other wireless assets.