moved one step closer Friday towards issuing a tracking stock for its wireless group.
The company said it has filed a preliminary proxy statement with the
Securities and Exchange Commission
for the shareholder vote to authorize the stock. AT&T announced the creation of the tracking stock at the beginning of December after weeks of speculation.
The initial public offering is planned for the spring and, at $8 billion to $10 billion, could be the largest ever in the U.S. market.
United Parcel Service
currently holds the record with its $5.47 billion IPO in November. After the IPO, the remaining shares in the tracking stock will be distributed to shareholders of AT&T common stock.
Revenue growth for the unit is expected to range from 25% to 30% this year, while growth in earnings before interest, taxes, depreciation and amortization should range from 35% to 40%, the company said in December.
The tracking stock is not expected to pay dividends for the foreseeable future.
AT&T shares closed Friday up 1, or 2%, to 49.