Virgin Mobile USA eyes $440M for IPO

Virgin Mobile USA announced its plans for its initial public offering: 27.5 million shares at $15-$17 each in a bid to raise up to $440 million. Underwriters of the IPO include Lehman Brothers and Merrill Lynch. The company is offering 25.6 million shares of Class A common stock, while shareholders Best Buy and Sprint Ventures will sell an additional 1.9 million shares. 

The MVNO plans to trade on the New York Stock Exchange under the symbol "VM." For the six-month period ending in June, Virgin Mobile USA reported adjusted earnings of $29.3 million on revenue of $667 million.

Virgin Mobile USA was formed in 2001 as a joint venture between Sprint Ventures and Bluebottle USA Holdings, an affiliate of Richard Branson's Virgin Group.

For more on Virgin Mobile USA's IPO plans:
- read this article from BusinessWeek

Related Articles:
Will Amp'd ruin Virgin Mobile's IPO? Article
Virgin Mobile USA plans to generate $506M in IPO Article

Suggested Articles

AT&T said it added 229,000 net postpaid phone connections in the fourth quarter and grew wireless service revenue by nearly 2%.

Verizon continues to win top network honors, but analysts question the strength of its spectrum position.

The U.K. government has decided China’s Huawei can supply gear for the country’s 5G networks, but it will be restricted to non-core portions, consider