MetroPCS Communications, Inc. filed for an initial public offering again today after delaying its 2004 IPO due to accounting complications. MetroPCS is a wireless broadband provider for personal communication devices that offers unlimited usage at a flat-rate with no long-term contracts. Since their launch in 2002, the company has experienced great success as the fastest growing broadband PCS provider in terms of both subscriber base and revenue growth.

MetroPCS noted that it has licenses covering approximately 140 million people in 14 of the top 25 metropolitan areas in the United States. As of September 2006, the company had 2.6 million subscribers with a licensed population of 36 million in seven major metropolitan areas in the United States, representing a 7.2% market share in these areas. Assuming the same adoption rates in its other licensed areas, this puts its potential subscriber base at approximately 10.1 million. The company's two major core markets (San Francisco, Miami, Atlanta, and Sacramento) have also seen subscriber growth rates of 50% year over year. This illustrates even more potential if the company chooses to expand into other markets. And with lowering costs per user and a low 4.4% churn rate, the company is in a great position to capitalize on an under-served market.

While the company has not yet disclosed the number of shares that it plans to offer, the ticker symbol it plans to use, nor the exchange it plans to trade on, this is definitely a company to keep an eye on during the next few months as it moves closer to an IPO.