Allen & Overy (A&O), Herbert Smith and Freshfields Bruckhaus Deringer are celebrating after securing lead advisory roles on Virgin Mobile’s upcoming float – one of 2004′s most eagerly awaited initial public offerings (IPOs).

The proposed listing, which was announced on 30 June, is expected to value the mobile company at approximately £1bn, with 40% of shares initially available. It will be the first time a subsidiary of the Virgin Group has been floated since 1986.