Boingo Wireless has set a pricing range for its upcoming 5.8 million-share initial public offering at between $12 and $14 per share, according to a late Wednesday regulatory filing.
At the mid-point of that range, the Santa Monica WiFi network operator’s stock sale would gross more than $86 million, if underwriters also buy the 865,500-share overallotment option. The company itself is offering roughly 3.8 million shares and early investors are selling more than 1.9 million shares.
Boingo did not set a date for the offering. The company, which was founded in 2001 and which offers high-speed, high-bandwidth Internet access at public locations by partnering with more than 125 network operators, reported $80 million in sales last year.
The company did not say which investors were offering shares, but the filing indicates that two large shareholders would have fewer shares following the offering. Those are the U.S. unit of Japanese conglomerate Mitsui & Co. Inc., which now owns 23 percent of the shares, and company co-founder and Chairman Sky Dayton, who now controls 15 percent.
Boingo has applied to list on the Nasdaq Global Market under the ticker symbol WIFI. The IPO is being underwritten by Credit Suisse, Deutsche Bank Securities, Pacific Crest Securities, and William Blair & Co.
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