Virgin Mobile USA floats aloft

A close friend of ours is enjoying a big celebration today - he was Virgin Group Director responsible for the float of Virgin Mobile USA and for the last few weeks has been calling in nightly for the update on the book build.

At last weekend, they'd done 20 milllion shares, with a targeted 27.5m to shift. Today, the float went ahead and shares were recently changing hands for $16, up 6.7 percent, from initial price of $15 each, raising about $412.5 million.

It's a business model the Virgin Group is repeating around the world, focusing on the younger demographic. In the USA, the company built up 4.83 million customers over 6 years in its' joint venture with Sprint.

posted by John Wilson @ 8:24 PM Permanent Link newsvine reddit


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