Virgin Mobile IPO underway

US MVNO, Virgin Mobile USA, aims to raise $375.6m from its forthcoming IPO, according to a statement filed Tuesday.

The company, which Virgin owns as a joint venture with network provider Sprint Nextel, is expected to float 42.8 per cent in early October with shares selling for about $16 each.

Virgin said it will use approximately $160m of the net proceeds from the offering to buy a further 16.7 per cent stake from partner Sprint. Virgin’s own holding will be reduced to 35.7 per cent.

Much of the rest of the cash will be used to repay a $150m loan and $45m of indebtedness owing to Sprint.

As of June 30, the company had approximately 4.83 million customers. Revenues and net income for the six months ended June 30 were $666.9m and $26.5m, respectively.

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