Never Miss a Beat: Get a snapshot of the issues affecting the IT industry straight to your inbox.
The prepaid cell phone provider has aimed its service at a youthful market, typically at people between 14 and 34.
1 Min Read
Prepaid mobile phone service provider Virgin Mobile USA reported Wednesday that it has filed with the Securities and Exchange Commission to offer an initial public offering to sell up to $100 million in stock.
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.
About the Author(s)
You May Also Like
More Insights
Editor's Choice
May 2, 2024
While there are plentiful options in cyber resiliency and business continuity tools and platforms, there isn’t one that can knock out everything from sudden cloud outages to prolonged ransomware attacks in a single punch. What can you do to keep the company on its feet no matter what is thrown at it? Find out in this new virtual event.
Reserve Your Seat Now