In-Flight Internet Provider Gogo Files For IPO
Gogo, the predominant provider of in-flight Internet access in North America, filed to go public today. In its filing statement with the SEC, the company said it currently has equipped 1,177 commercial aircraft with Internet access. This represents roughly 85% of all Internet-enabled commercial airplanes in North America.
The company’s launch customer was American Airlines, which put the first Gogo-equipped commercial planes into service in 2008 . Gogo also offers Wi-Fi-based in-flight entertainment platforms.
In November of this year, Gogo announced it will begin offering its service on international flight within two years.
Gogo’s revenue for the first nine months of 2011 was $113.8 million, an 89% year-over-year increase. Its operating loss for the same period was $26.5 million, compared to $66.4 million in the same period in 2010. More than half of the company’s revenue is derived from the private aviation market, by installing equipment and providing in-flight Internet service to companies that manufacturer or lease private planes, including Bombardier, Gulfstream, and NetJets.
The IPO is being managed by Morgan Stanley, J.P. Morgan, UBS, Allen & Co., Evercore Partners and William Blair. Ripplewood Holdings, an investment firm, owns roughly 38% of the company