Virgin sets unexpectedly low IPO price

8 Jul 2004

Virgin Mobile, the MVNO operator that is part of Richard Branson’s Virgin Group, has set a lower than expected price range of between GBP2.35 and GBP2.85 a share for its long awaited initial public offering (IPO), valuing the cellco at between GBP588 million and GBP713 million. The company says that it expects to set a final price on 20 July and list on the London Stock Exchange on the 26th. Tom Alexander, Virgin Mobile’s chief executive since launch in 1999, stands to make more than GBP20 million in share awards and bonuses from the IPO; he is just one of a number of executives that stand to become millionaires from the float.

United Kingdom, Virgin Mobile UK