Cisco-backed connectivity provider IPass files IPO

WASHINGTON. Jan 24 (Reuters) ? IPass Inc., a provider of wired and wireless broadband services at airports and hotels, filed on Friday with the Security and Exchange Commission to raise $50 million in an initial public offering. outstanding debt and for general corporate purposes, including working capital and capital expenditures. IPass, based in Redwood Shores, California, did not disclose in the preliminary SEC filing how many common shares it plans to sell or the price range. That information is expected in later filings. The virtual network operator has applied for a Nasdaq listing under the symbol “IPAS” (Nasdaq:IPAS – News) and it hired Morgan Stanley, Credit Suisse First Boston, SG Cowen and Thomas Weisel Partners to handle the deal. IPass said revenues increased to $92.8 million in 2002 from $53.2 million the year before. It posted significant operating losses in each quarter from its inception in 1996 through the first quarter of 2002. Though it was profitable in 2002, a large portion of net income that year was due o a nonrecurring tax benefit, the company said in the SEC filing. 2003-01-24