Boingo Wireless, a nationwide WiFi provider, has just issued a release stating that it is pricing its IPO tomorrow morning at $13.50 per share, which falls into the expected range. The shares will begin trading on the NASDAQ under the symbol “WIFI.”
Boingo is looking to raise $75 million in its public offering. Boingo claims that it is one of the largest commercial Wi-Fi networks in the world, with 211,000 Wi-Fi locations in over 100 countries. The company installs, manages and operates wireless networks in locations like airports and restaurant chains, which Boing says had more than 800 million visitors in 2009.
Boingo is offering 3,846,800 shares and selling stockholders are offering 1,923,200 shares. In addition, Boingo has granted the underwriters a 30-day option to purchase up to an additional 865,500 shares, on the same terms and conditions. Credit Suisse, Deutsche Bank Securities, Pacific Crest Securities and William Blair & Company are underwriting the offering.
According to the initial S-1 filing, Boingo had 1.3 million consumers who have purchased its mobile Internet services in the past year. The company’s primary source of revenue is from consumers who purchase month-to-month subscription plans or hotspot specific, single-use access to its network. Boingo also receives money from business partners that pay to allow their consumers to access the network. Other revenue channels include telecom operators and advertisers.
Boingo Wireless, Inc. (NASDAQ: WIFI), the worldâ€™s leading Wi-Fi software and services provider, makes it easy, convenient and cost-effective for people to enjoy Wi-Fi access on their laptop or mobile device at more than 325,000 hotspots worldwide. With a single account, Boingo users can access the mobile Internet via Boingo Network locations that include the top airports around the world, major hotel chains, cafÃ©s and coffee shops, restaurants, convention centers and metropolitan hot zones. Boingo and its Concourse Communications...