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Ina Fried

Recent Posts by Ina Fried

At $13.50 Per Share, Boingo IPO Prices Toward High End of Range

Boingo Wireless said late on Tuesday that its public offering was completed at a price of $13.50 per share, toward the high end of the $12 to $14 range the company had projected.

The firm, which specializes in selling paid Wi-Fi to consumers and network operators, is due to start trading Wednesday under the ticker symbol WIFI.

Of the 5.7 million shares being sold, 3.8 million are being sold by the company, while 1.9 million shares are being sold by existing shareholders. The company has also granted underwriters an option to purchase up to another 865,000 shares to cover any over-allotments.

Boingo has 214,000 paid subscribers as of March 31, up from 158,000 a year earlier. Boingo had 2010 revenue of $80 million, up from $65 million a year ago and earned $10.7 million, reversing a loss of $4.2 million in the prior year. The company estimates that its revenue for the March quarter was between $20.5 million and $21 million, up from $18.5 million a year earlier.

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The problem with the Billionaire Savior phase of the newspaper collapse has always been that billionaires don’t tend to like the kind of authority-questioning journalism that upsets the status quo.

— Ryan Chittum, writing in the Columbia Journalism Review about the promise of Pierre Omidyar’s new media venture with Glenn Greenwald