Gogo raises $187 million: What about advertising
ITASCA, IL: Shares of inflight Wi-Fi provider Gogo are down 7 percent in their market debut.
The company, which makes technology that allows flyers to connect to the Web via their smartphones, tablets and laptops, has raised $187 million in its initial public offering. It priced its 11 million shares at $17 apiece.
The pricing came in at the upper end of the company’s $15-to-$17 range. The IPO’s underwriters can buy up to 1.65 million additional shares.
Gogo posted a net loss of $32.45 million on $70.75 million in revenue in the first three months of 2013, compared with a loss of $17.6 million on $54.3 million in revenue during the year-earlier period.
Gogo’s stock trades under the ticker symbol “GOGO.”
The company’s IPO follows that of Deerfield-based Textura, a maker of software for the construction industry, which debuted earlier this month. It raised about $75 million and its stock is up nearly 10 percent since the company went public.