Warren, N.J. - Virgin Mobile USA, the mobile virtual network operator joint venture between Richard Branson's Virgin Group and wireless carrier Sprint Nextel, has raised $412 million in its initial public offering on the New York Stock Exchange.
The company sold 27.5 million shares at $15 a share, at the low end of the offering's expected range of $15 to $17; shares were trading at around $15.50 midday on Thursday.
Launched in 2002, Virgin Mobile USA, which counts over 4.8 million subscribers, reported a loss of $36.7 million in 2006, and a net profit of $26.5 million for the first six months of this year.
The company plans to use the proceeds from the offering to pay off debt, as well as to purchase over 16% of Sprint Nextel's stake in the joint venture.
Related Links:
http://biz.yahoo.com/prnews/071011/nyth053.html?.v=101
http://www.virginmobileusa.com
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