Clearwire IPO pulls in $600 million

Kirkland-based Clearwire raised $600 million today in a highly anticipated public offering, making it the second-largest IPO in Washington state's history.

Clearwire sold 24 million shares for $25 apiece, reaching the high end of the expected range of $23 to $25. The company also exceeded expectations that it would sell 23 million shares, including an overallotment. Beginning Thursday, the company's stock will start trading on the Nasdaq under the ticker symbol CLWR.

Clearwire said it will use the money to build a nationwide wireless broadband network based on a technology called WiMax. It mostly competes with DSL or cable broadband providers today, but soon hopes to offer mobile WiMax allowing people to have access to their e-mail and other applications wherever they are.

In recent weeks, investors have paid a lot of attention to Clearwire. Most of the buzz stems from the company's roots: The founder is Craig McCaw, a wireless entrepreneur who has built successful and market-changing companies.

McCaw founded McCaw Cellular Communications, which he sold to AT&T for $11.5 billion in 1994. As AT&T Wireless, the Redmond-based company went public in April 2000, raising $10.6 billion and still holding the honor of being the largest IPO in state and U.S. history.

Bloomberg contributed to this report.

Tricia Duryee: 206-464-3283 or tduryee@seattletimes.com