Clearwire raised $600 million in an initial public offering Wednesday evening, selling 24 million shares at a price of $25 each. The ticker symbol CLWR debuted on the Nasdaq stock exchange this weekend, and morning trading drove share prices up as high as $28 before falling back just below $25 this afternoon.

Clearwire floated 14.8% of its stock for public trading to raise funds for its domestic and international expansion of broadband wireless access networks. The principle investor is company founder Craig McCaw, the wireless entrepreneur who started the future AT&T Wireless, but Intel and Motorola have made sizable investments in the venture, and Motorola has bought NextNet, the broadband wireless vendor that manufactures Clearwire’s equipment. The companies are migrating the Clearwire network to Mobile WiMAX technology.

With all of the shares of the company taken into account, the IPO valued Clearwire at $4 billion.