Virgin Mobile aims for $506 million in IPO
Lying in sharp contrast to Amp'd's less-than-stellar fortunes, Virgin Mobile USA -- a joint venture of Virgin and Sprint operated very differently from its European cousin -- is actually hoping to do even better than originally expected. The MVNO had said in May that it hoped to raise up to $100 million through an initial public offering of shares (stock symbol "VM" in case you're curious), but that figure has now skyrocketed up to a rather shocking figure of $508 million. Virgin Mobile hopes to use the cash to pay off a handful of debts it accrued in the process of getting its business off the ground, something Amp'd hasn't quite managed to do just yet.
Filed under: Virgin Mobile, MVNOs
Reader Comments (Page 1 of 1)
paloooz @ Jul 20th 2007 3:36PM
First they need some customers.
Josh L @ Jul 20th 2007 3:43PM
Stock Symbol is actually VMED
FyreStarrter @ Jul 20th 2007 3:50PM
Actually I think most people would be surprised how many active virgin mobile customers there are. I know quite a few people in several states who use them because they TRULY do not want a monthly bill (if you have Verizon then you'd KNOW EXACTLY WHAT I MEAN). My Nana actually uses them. & I have friends both younger and older in several different state that use them. They have simple phones, that do simple things & some people really just want that. By the way I am NOT one of those people lol.
craid @ Jul 20th 2007 4:16PM
Looks like a red pringles potato chip.