More details of Virgin IPO (USA)Virgin Mobile USA, the cellular services reseller co-owned by Richard Branson’s Virgin Group and US telco Sprint Nextel, says it is hoping to raise more than USD400 million from its forthcoming share listing. The initial public offer (IPO) will see 27.5 million shares – 43.8% of the business – sold at between USD15 and USD17 each. Virgin Group will not be selling any of its own shares, with the flotation diluting its stake to 35.7%. Sprint Nextel will be selling shares, however, and will see its stake fall to 17.2%, raising USD160.8 million for the cellco. Virgin Mobile USA was set up in 2001, reselling capacity on the Sprint Nextel network.
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