Boingo Wireless Inc. raised roughly $78 million in its initial public offering, but the stock lost 13 percent of its offering price in its first day of trading on Wednesday.

The Los Angeles the operator of wireless Internet hot spots sold a total 5.8 million shares for itself and longtime shareholders at $13.50 each last night. But shares, which trade under the ticker symbol “WIFI,” opened at $12.10 on Wednesday morning on the Nasdaq and closed at $11.71.

Boingo has more than 325,000 wireless Internet locations at airports, coffee shops and other public locations in more than 100 countries, according to regulatory filings for the IPO. Its primary revenue source is month-to-month subscription plans, followed by people accessing its network on a per-use basis. About 1.3 million individuals have purchased monthly subscription plans in the past 12 months, it said.

The company sold 3.85 million shares itself, while shareholders sold 1.92 million shares. The company, which had net income of $15.7 million last year, plans to use its share of net proceeds for expansion and general corporate purposes. Competitors include free Wi-Fi service offered at retail locations, and Internet wireless networks being rolled out by providers such as Verison Wireless and AT&T Inc. for their own mobile customers and others.

Credit Suisse Group and Deutsche Bank AG managed Boingo’s IPO.