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.ÂÂÂ
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
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