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Virgin Mobile edges closer to IPO

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Virgin Mobile has declined to comment on a Reuters report that it plans to confirm a float this week. The Daily Telegraph reports that the company is sounding out big City spenders regarding the possible £1bn flotation on the London Stock Exchange. T-Mobile, which supplies Virgin's network infrastructure, will pocket up to £100m of the cash raised.

Of course, there's little new in any of this. Speculation regarding Virgin Mobile's future has been doing the rounds for months now. In March, reports suggested that Virgin would be spun off in June, valuing the mobile virtual network operator (MVNO) at £1.3bn. The following month more details emerged as reports claimed that banking advisors had been appointed for the floatation and that June 28 - today - had been pencilled in for the stock market sale.

A spokeswoman for Virgin Mobile declined to comment on the weekend's "speculative" reports.

Launched in in 1999, the company claims more than 4m subscribers. It is based in Trowbridge, Wiltshire and employs more than 1,500 workers. ®

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