Tale of the cancelled IPOs


Google’s bumper IPO not withstanding, the recent hiccup in the stock markets is taking its toll on the IPO market. Most companies are canceling their IPOs. The latest one is Metro PCS, a small mobile operator based in Dallas. The company had earlier run into some headwind and had problems with the SEC. RCR Wireless adds, “MetroPCS is not new to financial uncertainty as its previous incarnation as General Wireless Inc. was one of the first companies to file for bankruptcy protection following its participation in the Federal Communications Commission’s initial auction of PCS licenses. GWI eventually emerged from bankruptcy protection having reduced its debt to the FCC from more than $1 billion to $166 million.”

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