T-Mobile today begins the sale of 66,150,000 common stock shares in a public offering. The carrier is granting underwriters the option of snapping up an addition 6,615,000 shares.
As the Wall Street Journal pointed out, at the company’s closing price of $26.97 yesterday, the sale could raise approximately $2 billion. But T-Mobile’s stock is down more than four percent to $25.75 as of 8:38 a.m. CT.
T-Mobile noted in a separate filing that its last reported NYSE sale price on Nov. 8 was $27.68.
The carrier indicated the funds from the stock sale will go partially toward spectrum purchases, either through the FCC’s upcoming auctions or private transactions.
In October, T-Mobile closed a deal with U.S. Cellular, acquiring 10 MHz of AWS spectrum for $308 million in cash. The spectrum covers a total of 32 million people in 29 markets.