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 toÃƒâ€šÃ‚Â $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.Ãƒâ€šÃ‚Â
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.
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