Virgin Mobile USA's IPO launched yesterday at the low end of the expected share price range: $15 from an expected $15 to $17 share price. The shares were trading at about $15.75 at the end of the day, a mere 5 percent raise from the IPO price.
Sprint, Best Buy and Freedom Wireless sold a combined two million shares in the IPO. Sprint also sold $136 million of its shares to Virgin Mobile USA before the offering, and is receiving $45 million from the proceeds to pay off debt.
For more on the IPO:
- read this WSJ article (sub. req.)