The U.K.-based firm began operating in the U.S. in 2002 and has aimed its service at a youthful market, typically at people between 14 and 34.
The service piggybacks on Sprint's CDMA2000 network. Customers typically purchase a phone for $20 or more, then load minutes at stores, online, or over the mobile phone itself.
According to published reports, Virgin Mobile hasn't been profitable and continues to pile up debt.
The IPO, to be managed by Lehman Brothers, will enable the firm and "certain selling stockholders" too offer shares to the public. The company said it plans to list its stock on the New York Stock Exchange.