Telecom & Wireless
Virgin Mobile Sets IPO Terms (VM, S)
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The awaited IPO of Virgin Mobile is much closer to coming out. The company has set terms at 27.5 million shares, with 25.55+ million coming from the company itself. Virgin Mobile has taken the proposed ticker of "VM" on NYSE and the proposed pricing range is set at $15.00 to $17.00 per share. The underwriters are listed as Lehman Brothers, Merrill Lynch, and Bear Stearns; and co-managers are listed as Raymond James and Thomas Weisel Partners.
As of June 30, 2007, Virgin claimed 4.83 million customers. Revenues and net loss for the year ended December 31, 2006 were approximately $1.1 Billion and -$36.7 million; Revenues and net income for the six months ended June 30, 2007 were approximately $666.9 million and $26.5 million, respectively. As of June 30, 2007 and December 31, 2006, members’ accumulated deficit was approximately $(614.4) million and $(643.9) million, respectively.
If you aren’t familiar with Virgin, this is U.K. Billionaire Richard Branson’s pay as you go mobile telephone network in the U.S. that was launched as joint venture with Sprint Nextel (NYSE:S).
Here was our original coverage on Virgin Mobile. Other recent IPO Filing coverage:
- IPO FILING: EMPHASYS MEDICAL, INC.
- Almost 100% IPO Gainer
- IPO FILING: RiskMetrics Group, Inc.
- IPO Filing: Turner Investments Inc.
- IPO FILING: EXCO Partners LP, An MLP Spin-Off of EXCO Resources
- IPO FILING: Varolii
Jon C. Ogg
September 25, 2007
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