Intelsat revives plans for IPO
Intelsat plans to raise $650 million through an IPO on the New York stock exchange, less than half the amount the company had targeted last year.
The global satellite operator is thought to be seeking the IPO to reduce its debt, despite posting revenue of $2.61 billion in 2012. It has announced plans to float around 27.3 million common shares on the stock exchange – priced between $21 and $25 - with the hopes of raising at least $650 million.
Last year, however, Intelsat had hoped to generate as much as $1.75 billion from an IPO but had to suspend the offering due to poor market conditions.
Sources close to Intelsat had said the company considered a number of exchanges before making the decision to choose New York.
Intelsat, which is majority owned by private equity group BC Partners, has endured mixed fortunes recently with its Intelsat 27 satellite failing to liftoff, and its Dutch NS-88 satellite exploding during a launch in 2007.