Boingo Wireless Inc. NASDAQ: WIFI) has priced its IPO toward the top of its range. The operator of wireless Internet hotspots raised gross proceeds of about $77.9 million as it sold 5.8 million shares at $13.50 versus a price range of $12 to $14 per share.
Boingo is offering 3,846,800 shares and the selling stockholders are selling 1,923,200 shares. Credit Suisse and Deutsche Bank Securities are the joint book-runners and the co-managers are listed as Pacific Crest Securities and William Blair & Co. The underwriters have been granted a 30-day overallotment option to purchase up to 865,500 additional shares at the IPO terms.
The company claims to own over 325,000 wireless Internet hotspot sites in coffee shops, malls, hotels, airports, and other public venues spread over 100 countries. Its revenue stream comes from individuals who pay for access. Boingo’s revenues rose about 22% from 2009 to $80.4 million in 2010.
The two largest holders are New Enterprise Associates and Mitsui. Boingo plans to use the proceeds to via acquisitions and of course for general corporate purposes.
JON C. OGG