After a promising debut, shares in Gogo Inc. have hit some turbulence.
The in-flight Internet service provider’s shares were down significantly in their first day of trading, hitting $15.76 by midafternoon Friday. The company priced its initial public offering Thursday night at $17 a share, the top of its expected range.
Through its stock sale, Gogo raised about $187 million and was valued at almost $1.5 billion.
Though a familiar name to business travelers everywhere â€" it is the leading provider of WiFi on flights by Delta Air Lines, American Airlines/a> and others â€" the company drew some concern among investors and analysts. While Gogo’s revenues have climbed steadily over the past three years, to $233.5 million last year, it has posted losses applicable to its common stock over the same time.
The company now trades on the Nasdaq stock market under the ticker symbol “GOGO.â€
Gogo’s offering was led by Morgan Stanley, JPMorgan Chase and UBS.
