Boingo Files for $75M IPO
Wi-Fi hot spot company Boingo Wireless is planning to go public, according to documents filed Friday with the SEC.
The company said in a statement that the number of shares to be offered and the price range for the offering have not been determined, but documents filed with the SEC indicate the company expects to raise about $75 million from its initial public offering.
Boingo intends to list its stock on the NASDAQ Global Market under the symbol "WIFI." The company's IPO won't proceed until its registration statement with the SEC becomes effective.
During the first nine months of last year, Boingo posted sales of $59 million, a 29 percent increase over the same period in 2009, and swung to a profit of $1.5 million.
The company operators a commercial Wi-Fi network consisting of over 211,000 Wi-Fi hot spots in more than 100 countries at venues like airports, hotels, coffee shops and shopping malls. The company's revenue stems largely from individual subscriptions and services provided to telecommunications companies, including Verizon.