BOCA RATON, Fla. – SBA Communications Corp., an owner and operator of wireless communications infrastructure, held an initial public offering June 16. The company offered 10 million shares at $9 apiece, below its $10 to $12 filing range.
Lehman Brothers, Deutsche Banc Alex. Brown, Donaldson, Lufkin & Jenrette and Salomon Smith Barney underwrote the IPO, which will leave 28.65 million shares outstanding.
Venture backers include ABS Capital Partners II, TA Associates Inc. and The Hillman Co. There were no selling shareholders.
SBA Communications leases and develops wireless communications infrastructure sites. Since its founding in 1989, the company has developed more than 12,000 antenna sites in 49 of the top 51 wireless markets in the United States.
The $83 million generated in the IPO will be used to repay debt, construct and acquire new towers and finance the acquisition of other tower companies.
The company lost $19.9 million in 1998, but was profitable for several years before that, earning $267,000 in 1997 and $2.0 million in 1996.
Donald Hebb, Jr., a general partner of ABS Capital Partners, joined the company’s board of directors in February 1997, followed by Kevin Landry, chief executive of TA Associates, in March 1997.
SBA communications – Selected Financial
(in thousands, except per share data)
Year Ended December 31, Three Months Ended March 31,
1994 1995 1996 1997 1998 1998 1999
Total revenue 11,500 25,458 64,806 55,00 59,101 14,690 13,716
Net income (loss) 1,108 1,979 1,980 267 -19,901 -1,458 -8,357
Net income (loss) per share -2.64 -1.01