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

Chris Ziegler

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]

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