Today Virgin America revealed it plans to raise as much as $368 million in an initial public offering on the NASDAQ. Listing under the symbol “VA,” Virgin America aims to sell 13,106,377 shares at the price of $21 to $24 per share, but the company has the option to sell more.
Virgin America’s IPO has apparently been in the works since 2009, according to Forbes. The IPO will reportedly transform Virgin America into a billion-dollar company. If that figure is accurate, it will have taken Virgin America seven years to reach that valuation.
According to Virgin America’s filing:
This is our initial public offering of shares of our common stock. We are offering 13,106,377 shares. In addition, VX Employee Holdings, LLC, a Virgin America employee stock ownership vehicle that we consolidate for financial reporting purposes, is offering 231,210 issued and outstanding shares as a selling stockholder. We will pay the underwriting discounts and expenses for this selling stockholder, but we will not receive any proceeds from the shares sold by this selling stockholder.
Editor’s note: In a boneheaded move, we originally published this story citing Virgin Galactic. We sincerely apologize for the, again, boneheaded error.
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