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ipo posts

Danger files for $100M IPO

by Chris Ziegler posted Dec 20th 2007 @ 3:31PM

One of the more important privately held companies operating in the consumer wireless industry today, Danger has filed this week to go public with the SEC "as soon as practicable" in an effort to raise up to $100 million in cold, hard cash under the symbol "DNGR." The SEC filing is a gold mine of information peeping into the inner workings of the outfit, revealing that Danger is "substantially dependent" on T-Mobile for its revenue stream (surprise, surprise) and that while overall revenue has grown from $36.7 to $49.3 to $56.4 million in the past three years, losses have actually widened over the past two from $8 million in 2006 to $11.7 million this year. Of course, it costs money to make money -- Danger clearly knows that -- and they intend to use $7.2 million of the IPO's proceeds to pay back some loans, hopefully on the path to eventual profit. No word yet on exactly when the IPO will go down or how many shares will be outstanding.

[Via mocoNews]

Lawsuit claims Virgin Mobile told a little lie to boost IPO showing

by Chris Ziegler posted Dec 3rd 2007 @ 12:07PM

Virgin Mobile's October IPO raked in a solid $412.5 million -- a little bit off its highest estimate, yeah, but still boatloads (and when we say "boatloads," we mean "hundreds of millions of dollars") higher than what it had thought it could get when it first announced its intentions to go public. A new class action suit alleges that the $412.5M figure was inflated, though, by Virgin's fudging of third quarter revenue figures which conveniently have since been revised down to indicate a $7.3M loss. Unfortunate coincidence? Maybe, but Virgin's stock fell a solid 14.4 percent on news of the redone numbers, so we can understand that a few shareholders might be grumbling about the sitch. Meanwhile, the MVNO's form letter reaction to the news is in full effect, claiming that the lawsuit is "completely without merit," so we're guessing this one's gonna be tied up in the legal system for a hot minute or two.

Virgin Mobile's IPO nets $412.5M, not quite what it hoped for

by Chris Ziegler posted Oct 11th 2007 @ 11:14PM

It seems the $467.5 million Virgin thought it could muster in its IPO filing was a little optimistic -- though it still fared far better than it thought it would a few months back. Shares of Virgin Mobile started trading today on the New York Stock Exchange at $15 a share; multiply that by 27.5 million and you arrive at a healthy $412.5 million in proceeds. Most of the money is earmarked to repay debts and to buy back 16.7 percent of Sprint's ownership, making the relatively successful prepaid MVNO a more independent entity. No word yet on whether it can spare a few dimes to research bringing higher-tech handsets to its lineup, unfortunately (bear in mind this is the carrier that just discovered Bluetooth a few months back).

[Via mocoNews]

Virgin Mobile finally files for IPO, looking for $467.5M

by Chris Ziegler posted Sep 25th 2007 @ 5:51PM

It may not be quite the $506 million it was looking for a few months ago, but $467.5 million still seems like a princely take for a young MVNO that had expected a mere $100 million when it initially announced plans to file for an IPO early this year. The initial public offering for 27.5 million shares of "VM" has finally been filed, with Virgin Mobile looking to pocket $15 to $17 per share. Revenues from the sale will go toward paying back debt and "general purposes," which we're guessing -- nay, hoping -- equates to reinvestment in the company's offerings (bear in mind that this is the same Virgin Mobile that started offering its first Bluetooth enabled handset just a few weeks back). The move will reduce ownership by both of the company's corporate parents; Sprint's stake falls from 47 percent to 17.2 percent, while Virgin Group drops from 47 percent to 35.7 percent. It's been stated that Virgin Group won't see any cash from the IPO, so we're guessing Sprint will considering its far lower post-IPO share. Cha-ching!

[Via Phone Scoop]

Virgin Mobile aims for $506 million in IPO

by Chris Ziegler posted Jul 20th 2007 @ 1:40PM

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.