Virgin Mobile's IPO nets $412.5M, not quite what it hoped for
Posted Oct 11th 2007 11:14PM by Chris Ziegler
Filed under: MVNOs, Virgin Mobile
It seems the $467.5 million Virgin
thought it could muster in its IPO filing was a little optimistic -- though it still fared
far better than it thought it would
a few months back. Shares of Virgin Mobile started trading today on the New York Stock Exchange at $15 a share; multiply that by 27.5 million and you arrive at a healthy $412.5 million in proceeds. Most of the money is earmarked to repay debts and to buy back 16.7 percent of Sprint's ownership, making the relatively successful prepaid MVNO a more independent entity. No word yet on whether it can spare a few dimes to research bringing higher-tech handsets to its lineup, unfortunately (bear in mind this is the carrier that just
discovered Bluetooth a few months back).
[Via
mocoNews]
Tags: ipo, mvno, virgin, virgin mobile, VirginMobile
Relevant Posts
Please keep your comments relevant to this blog entry. Email addresses are never displayed, but they are required to confirm your comments.
When you enter your name and email address, you'll be sent a link to confirm your comment, and a password. To leave another comment, just use that password.
To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br> tags.
