Virgin Mobile swings for $500 million IPO
New York (NY) - Though only a few details have surfaced, it appears Virgin Mobile is looking at a big move into the stock market with a regulatory filing seeking an initial public offering.
Virgin Mobile USA, owned by business conglomerate Virgin and fellow service provider Sprint Nextel, sells prepaid cell phones and cell phone cards. It currently holds about 15% of the prepaid wireless market, according to Reuters.
A filing with United States regulators today seeks $506 million in an initial public offering, a stark jump from an earlier filing that only sought $100 million.
Its most recent quarterly net income was around $15.4 million, with revenue at $339.3 million. Its IPO filing said the Lehman Brothers, Merrill Lynch, and Bear Stearns are underwriting the IPO as Class A common stock.
The filing said nothing about how many shares the company expected to sell or at what price. It has applied for a New York Stock Exchange listing under the symbol "VM".
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