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World's largest satellite service provider Intelsat sets terms for $500 million US IPO

Posted
4/2/2013 9:40:00 AM
By: Renaissance Capital
Referenced Stocks:I

Intelsat, the world's largest provider of satellite services to businesses, announced terms for its IPO on Tuesday. The Luxembourg-based company plans to raise $500 million by offering 21.7 million shares at a price range of $21 to $25. At the midpoint of the proposed range, Intelsat would command a fully diluted market value of $2.4 billion. Intelsat, which was founded in 1964 and booked $2.6 billion in sales for the 12 months ended December 31, 2012, plans to list on the NYSE under the symbol I. Intelsat initially filed on May 18, 2012. Goldman Sachs, J.P. Morgan, Morgan Stanley and BofA Merrill Lynch are the joint bookrunners on the deal.