Boingo Slips In IPO

Santa Monica-based wireless network operator Boingo Wireless slipped in its initial public offering on Wednesday, as the overall markets dropped on economic worries. Boingo was trading at around $11.60 per share in afternoon trading, down about 12 percent, below its $13.50 IPO price. The firm had sold 5.8 million shares of its stock in its IPO. Boingo's IPO was underwritten by Credit Suisse, Deutsche Bank Securities, Pacific Crest Securities, and William Blair & Company. The firm's venture backers are New Enterprise Associates, Mitsui & Co, Steelpoint Capital, Sternhill Partners, among others.