MVNO Virgin Mobile USA has filed for an initial public offering to raise cash to pay debts and fund operations. It plans to sell 27.5 million shares of stock at $15 to $17 per share and raise $467.5 million. Virgin Mobile is a youth-focused MVNO that is a partnership between Sprint and the Virgin Group. The IPO would reduce both companies’ ownership stakes in the MVNO. Virgin had 4.83 million customers as of June 30, and made a profit of $26.5 million in the first half of the year. Virgin will use the money to pay $45 million that it owes Sprint and $150 million it owes to other creditors.

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