Virgin Mobile to offer an initial public offering

US based prepaid cell phone provider Virgin Mobile USA has announced that they have filed with the Securities and Exchange Commission to offer an initial public offering to sell up to $100 million in stock.

The company provides their mobile services primarily aimed at youth segment of the market. They started their operations in the US in 2002 and uses Sprint’s CDMA2000 network.

They offer their mobile phone products for cheap and allow their customers to load minutes at stores, online, or over the mobile phone itself.

Market sources claim that the company is not profitable and continues to pile up debt. Their IPO is expected to be managed by Lehman Brothers. They are planning to list their shares on the New York Stock Exchange.

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