Which wireless telecom company's 2000 IPO raised $10.6 billion?

Which wireless telecom company's 2000 IPO raised $10.6 billion? The answer is AT&T Wireless.

AT&T Wireless Group raised $10.6 billion in April 2000 through an offering of 360 million shares. At the time, it was the largest initial public offering in U.S. history. The shares were priced at $29.50, and the company’s stock rose on its first day of trading.

This transaction was unusual because AT&T was taking its wireless business public as a separately traded tracking stock rather than creating an entirely independent company from scratch. The offering gave investors direct exposure to AT&T’s fast-growing mobile communications operations, which served more than 12 million subscribers in 1999.

The company later became AT&T Wireless Services and was acquired by Cingular Wireless in 2004. That history can create confusion with Verizon Wireless, Sprint, or T-Mobile, but none of those companies conducted the specific $10.6 billion 2000 offering described here.