Support Skift’s Independent JournalismMake a Contribution Now
Gogo, a provider of internet services on airlines, has raised $187 million from an initial public offering of 11 million shares.
The offering was priced at $17 per share, at the high end of the projected $15 to $17 range.
The underwriters may buy up to about 1.7 million additional shares to cover any excess demand.
Gogo said in a regulatory filing that it plans to use net proceeds for working capital and other general corporate purposes, such as costs related to international expansion.
Gogo Inc. helps passengers with WiFi-enabled devices get online on more than 1,900 commercial aircraft. Some of the Itasca, Ill., company’s partners include American Airlines, Delta Air Lines and United Airlines.
For 2012, Gogo had a loss of $95.6 million on revenue of $233.5 million. That compares with a loss of $17.9 million and revenue of $160.2 million in 2011.
Shares are expected to start trading Friday on the Nasdaq under the “GOGO” ticker symbol. The offering is expected to close on Wednesday.
Copyright (2013) Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.