Cellcom Nears U.S. Debut

TEL AVIV -- Cellcom, Israel's largest cellular-phone carrier, hopes to raise more than $300 million through an initial public offering that will see the company listed on the New York Stock Exchange.

The company plans to issue 19 million shares at an estimated price of $16 to $18 each, and Cellcom will likely begin U.S. trading within the next few days under the symbol CEL. That price range would value the IPO between $304 million and $342 million.

Underwriting the sale is Goldman Sachs, which also owns 5% of the company, along with Citigroup, Deutsche Bank Securities, Merrill Lynch, Jefferies and William Blair & Co. The underwriters will have the option to purchase 2.85 million additional shares to cover overallotments. ...