News Column

Gogo IPO Raises $187 Million

June 21, 2013
GoGo on plane

Itasca-based inflight Wi-Fi provider Gogo has raised $187 million in its initial public offering, with the stock expected to begin trading later this morning on the NASDAQ.

The company, which makes technology that allows flyers to connect to the Web via their smartphones, tablets and laptops, 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 will trade 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.

wawong@tribune.com -- Twitter @VelocityWong

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