U.S. News

Virgin Mobile USA Files for $506 Million IPO


Virgin Mobile USA filed with U.S. regulators on Friday to raise up to $506 million in an initial public offering of Class A common stock, up from its earlier filing to raise up to $100 million.

The Warren, New Jersey-based company told the U.S. Securities and Exchange Commission in a preliminary prospectus that Lehman Brothers, Merrill Lynch and Bear Stearns were underwriting the IPO.

The provider of wireless communications services said it applied for a New York Stock Exchange listing under the symbol "VM."

The filing did not reveal how many shares the company planned to sell or the expected price.