Wi-Fi network provider Boingo Wireless said late Friday that it had filed for an initial public offering to sell up to $75 million worth of common stock.
The Los Angeles company, which has created a network of than 211,000 Internet hotspot sites worldwide, said in an U.S. Securities and Exchange Commission filing that it plans to use proceeds for general corporate purposes and acquisitions, but added that it doesn’t have specific deals at this time.
Boingo’s primary source of revenue is from individuals who purchase month-to-month subscriptions so they can connect to the Internet at airports, hotels, convention centers, cafes and other public locations featuring Boingo hotspots.
In 2009, these locations had more than 800 million visitors, it said. The company said it swung to a profit in the first nine months of last year, as revenue rose 29 percent to $59 million.
“We make it simple to connect to the mobile Internet,” the company said in its filing. “Our proprietary software, wholesale and retail billing system, extensive network and customer support services provide an easy, convenient and cost-effective way for individuals to find and gain access to the mobile Internet. We are able to deliver highly reliable, high-speed mobile Internet access with minimal capital investment.”
Boingo's major shareholders are founder Sky Dayton, Mitsui & Co., New Enterprise Associates, Steelpoint Capital and Sternhill Partners. IPO underwriters will be Credit Suisse, Deutsche Bank Securities, Pacific Crest Securities, and William Blair & Co. Boingo said it plans to apply to list its stock on the Nasdaq Global Market under the ticker symbol “WIFI”.
• CLICK HERE to read a May 2010 Los Angeles Business Journal interview with Boingo Wireless Chairman Sky Dayton.
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