The Warren, New Jersey-based company only planned to raise $100m when its filed for an IPO in May and will not receive any of the $355.4m net proceeds, which will go to the selling shareholders. It has earmarked $136m of the proceeds to buy out Sprint Nextel’s 14.8% holding.
Virgin Mobile has targeted the 14-to-34 age range with pay-as-you-go offerings, and at the end of June had 4.83 million subscribers. In the six months to June 30, net income doubled to $26.5m on revenue that rose 23% to $666.9m.
