Vringo raises $11 million in IPO

Video ringtone solutions provider Vringo began trading on the NYSE Amex Monday, raising $11 million after pricing its IPO at $4.60 per unit, the low end of a projected $4.50 to $5.50 range. Vringo--trading under the symbol VRNGU--previously projected selling up to an estimated $13.8 million of equity through the IPO, according to Dow Jones; 5 million units were released in all, each consisting of one Vringo share and two five-year warrants to purchase stock at a 10 percent premium to the IPO price.

Vringo's video ringtone application platform enables consumers to create free ringtones from videos, images and slideshows. The clips are compatible with close to 300 handsets. The company said it plans to introduce a premium monthly subscription model in conjunction with mobile operator partners.

For more on the Vringo IPO:
- read this Dow Jones article

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