Virgin Mobile floats!
Virgin Mobile made a successful debut on the London Stock Exchange this morning. Shares are trading at 207p, above the revised offer price of 200p but substantially lower than the original price range of 235p and 285p. Branson decided yesterday to cut the price and reduce the amount of shares on offer.
Virgin founder Richard Branson told Reuters: "We are happy that Virgin Mobile is floating on the London Stock Exchange, particularly given the difficult markets, which have seen several other IPOs (initial public offerings) abandoned this year." The money raised will pay of debts and help pay for Virgin's US expansion. ®