Virgin Mobile IPO Details Released

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Virgin Mobile filed papers today for their initial public offering, the IPO which calls for $467.5 million will help to downpay current debts by the U.S. division of Virgin mobile, and be used for general purposes. The float will do more than simply pay down debt, it will drastically redusce the share percentage owned by Sprint Wireless to 17.2 percent, a rather large cut from their current 47 percent share. The initial offering will target 27.5 million class A shares and are expected to fetch between $15 to $17 dollars each.

Virgin Mobile has watched subscriber numbers increase as other MVNO's such as Amp'd mobile have filed for bankruptcy protection. In 2006 subscriber numbers reached 4.57 million users. While end of June 2007 numbers climbed to 4.83 million.

With the loss of Amd'd mobile, another provider of Youth phone services it appears Virgin mobile is poised to continue their domination over the youth prepaid industry, and if their Europe branch is any indictation their market share will continue to grow, along with the stock earnings for share holders.