Two companies expecting to hit pay dirt with wireless initial public offerings have downscaled their outlooks. France Telecom says it will likely raise about $6 billion - about half of what it sought a month ago - from shares in Orange plc, the British wireless interest it snagged from Vodafone earlier this year. In addition, Orange CEO Hans Snook will step down from his post to the role of special advisor after the early 2001 offering, making room for France Telecom's Jean Francios Pontal to take the CEO seat.

Dutch carrier Royal KPN is having its own offering issues: The company announced this week that its equity and subordinated convertible bond issue had yielded an expected $4.71 billion, although it had had to offer equity at a heavily discounted price. The announcement has investors concerned that its planned offering of mobile unit shares will not cover its cash needs.

Both KPN and France Telecom - along with other European carriers - have spent billions bidding on third generation wireless licenses, and have racked up hefty debt. Although it's clear wireless telecommunications will flourish in the future, investors have shunned the stocks in recent months, insisting that carriers show how they will manage their liabilities.