Cellcom IPO Raises $400 Million

Telecom

TSC Staff

02/06/07 - 01:58 PM EST

Cellcom (CEL Quote), the biggest cellular-phone carrier in Israel, raised $400 million in its initial public offering after pricing its shares above the expected range.

The company sold 20 million shares at an IPO price of $20 each.

Cellcom had been planning to issue 19 million shares and expected the stock to price at $16 to $18. Shares of Cellcom were lately trading at $19.68. The range has been $19.38 to $20.65.

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