The bidders are Everything Everywhere, BT, Vodafone, O2, Three, Hong Kong conglomerate PCCW and UK network supplier MLL Telecom.
Ofcom says the auction will increase the amount of airwave capacity available for mobiles by more than 75%. It is expected to raise £3.5bn for the Government.
"New 4G services will stimulate investment, growth and innovation in the UK, and deliver significant benefits to consumers in terms of better, faster and more reliable mobile broadband connections," says Ed Richards, Ofcom's chief executive.
Download speeds will initially be at least five to seven times faster than existing 3G networks, Ofcom claims.
EE 4G's network is already up and running and the company has confirmed its service will go live in 17 more towns and cities across the UK by March 2013.