Virgin Mobile, the British-based mobile phone arm of entrepreneur Richard Branson's Virgin Group music-to-airlines empire, said today it planned to make a long awaited market debut in London in July.
Britain's fifth-ranked mobile group, which has been expected to be valued at about £1.0 billion sterling (€1.49 billion), said it planned a global offering of existing shares by a member of the Virgin Group of companies - subject to market conditions.
"It is intended that the global offer will be completed before the end of July and that shares will be sold to institutional investors in the UK and internationally," the company said in a statement.
An industry source familiar with the matter said the company hoped to raise at least £250 million in a listing that could see 40 per cent of the group come to market, depending on investor demand.
The company said travel industry expert Mr Charles Gurassa (48), had joined as chairman and that Mr Branson was expected to become the "honorary president" after the listing.
J.P. Morgan and Morgan Stanley have been confirmed as joint global co-ordinators, joint bookrunners and joint sponsors. They will also be joined by Investec to act as underwriters.