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March 8, 2007

Clearwire's out of the gate

Posted by Tricia Duryee at 10:14 AM

The Kirkland company that just raised $600 million in its initial public offering last night is trading steady in its first day on the market.

Clearwire is using an emerging technology called WiMax to build a wireless broadband network across the country.

It sold 24 million shares last night for $25 a piece to make $600 million -- better than its highest expectations. In addition, the company has granted the underwriters the option to purchase up to an additional 3.6 million shares of Class A stock at $25 to cover over-allotments, if any.

In early trading today, the company's stock -- with the ticker CLWR -- jumped to around $28 a share before falling back to $25.

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Tricia Duryee
Tricia Duryee
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