Sprint Delays IPO of Wireless Venture

Sprint Corp. delayed the initial public offering of its digital wireless phone business, Sprint PCS, citing market conditions, but said it will go ahead with a recapitalization. The long-distance company said it will continue to evaluate market conditions and may proceed with a stock offering for Sprint PCS later. Under the recapitalization, each share of Sprint’s publicly traded stock will be reclassified into a half-share of PCS stock and one share of a newly created Sprint common stock. The IPO, underwritten by Salomon Smith Barney, was meant to raise about $600 million. Shares of Sprint fell $1.81 to close at $74.75 on the NYSE.