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Virgin Mobile Plans $100 Million IPO

virgin mobile2.jpg

MVNO Virgin Mobile USA, a JV between Virgin Group and Sprint Nextel has filed for an IPO of up to $100 million in stock, reports BusinessWeek. The company intends to use the funds to repay debt and pay an undisclosed amount to Sprint Nextel, which will be a selling stockholder in the IPO. The stock will be listed on the New York Stock Exchange under the symbol VM. The company has about 4.88 million customers, and made a loss of $36.7 million in 2006.

Link BusinessWeek

Posted by Mobile Innovation on May 7, 2007 05:10 PM |

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