Clearwire opened up aggressively in its stock market IPO debut with a price of $27.25, but ended the first day of trading day below the initial asking price, a far cry from the McCaw Cellular IPO back in 1987 which rose during its first day of trading.
The stock had slid 10% by the end of the second day of trading.
The wireless company, backed by Seattle billionaire Craig McCaw, raised $600 million in the public offering, selling 24 million shares at the top of the anticipated range. It also has reserved an additional 3.6 million shares for the underwriters.
Clearwire, which counts Intel Corp. and Motorola Inc. among its investors, is rolling out a new generation of wireless technology known as WiMax, which offers DSL-comparable speeds and greater range than today’s Wi-Fi. The mobile flavor of WiMax – which most companies are focusing on – functions more like a cell-phone network than the wireless Internet that consumers currently use. Clearwire offers the service in about 45 markets, including Seattle; Raleigh, N.C.; and Waco, Texas.
The initial tradiing has been a sharp reversal of this year’s IPO trends. On the first day of public trading, shares have gained an average of 5 percent, according to Renaissance Capital’s Web site, IPOHome.com. McCaw owns a nearly 49 percent voting stake and a 34 percent equity stake in the company after the sale. His shares are worth about $1.26 billion at Friday afternoon’s price. [24×7]
Microsoft’s Top Search Executive Leaving Company
The Microsoft executive who led the company’s challenge to Google has decided to leave the company. Christopher Payne, the corporate vice president for Microsoft’s Live Search initiative, plans to launch a Seattle-based technology firm unrelated to the search business, according to a person familiar with the situation.
Under Payne’s leadership, Microsoft’s search site has lost market share since the company launched its own homegrown search in early 2005, attempting to challenge Google. However, the person described Payne’s departure as a “personal decision” that he made “do something entrepreneurial.”
Microsoft has named Brad Goldberg, an executive in its Windows Vista unit, to oversee marketing for its Internet search engine as the company tries to catch up with Google. Goldberg will report to Steve Berkowitz, senior vice president of Microsoft’s online-services unit. [24×7]
Meeting Up in Starbucks
Fresh from his prime time television run as a contestant on TV’s The Apprentice, Zoodango CEO James Sun is bridging his virtual social networking services from the virtual realm to physical “meet-space” at Starbucks constellation of space ports. Zoodango has been in discussion with Starbucks and currently offers a Zoo-vite service that can connect users during their normal caffeineation break at their local Starbcuk’s watering hole. Watch for new affinity linking tools and serv ices from Zoodango and an in-depth interview from Seattle24x7 coming soon. [24×7]
ShopA-List Takes Designer Clothing and Celebrity Styles “From Camera to Closet”
What do the most popular celebrities on the Web — names like Paris Hilton, Cameron Diaz, Eva Longoria, Carmen Electra and Jessica Alba — all have in common with a new Seattle Website offering A-List designer clothing and celebrity fashion accessories?
The new Website, ShopA-List.com, will let you buy the hottest designer clothing and accessories, not just off the rack but off the backs of these fashion trendsetters, red carpet royals and dazzling divas.
To celebrate the concept of acquiring the most desirable celebrity clothing styles and accessories “From Camera to Closet,” ShopA-List.com will be awarding a grand prize celebrity photo shoot to one lucky grand prize winner. The winner, who will receive a fabulous fashion makeover, will have her own high-fashion photos placed alongside her favorite A-List celebrity on the ShopA-List.com Website.
What’s more, all ShopA-List.com customers who purchase products from the Website and send in their photos will be featured for a limited time alongside their favorite A-List celebrities, becoming A-List stars in their own right. [24×7]
