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.