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Virgin Mobile aims for $506 million in IPO

Chris Ziegler

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.

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