Virgin Mobile USA L.L.C.’s stock began trading publicly as the company completed an initial public offering with share prices at the low end of its expected range.
Virgin Mobile USA had planned to price its shares between $15 and $17 apiece; the shares were sold at $15 and by midday Thursday were trading at about $15.55 per share. Virgin Mobile USA raised $412.5 million in the IPO, selling 27.5 million shares.
According to documents filed with the Securities and Exchange Commission, the company estimates that it has about 15% of the pay-as-you-go market and more than 4.8 million customers as of June 30, 2007. Virgin Mobile USA launched as a joint venture of Sprint Nextel Corp. and Virgin Group in 2002.
Virgin Mobile IPO nets $412 million
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