Intelsat Global Holdings SA (I) filed to raise as much as $543 million in a U.S. initial public offering, less than half the amount the world’s largest satellite-services company first sought.
The Luxembourg-based company, to be renamed Intelsat SA, is selling 21.7 million shares in the sale at $21 to $25 apiece, according to a regulatory filing today. At the midpoint of the range, Intelsat would be valued at about $2.4 billion.
Intelsat, led by Chief Executive Officer David McGlade, had filed to raise $1.75 billion in May. The company is planning the sale in New York following a quarter when U.S. IPO activity rose 44 percent from a year earlier, the sharpest increase for any country globally, according to data compiled by Bloomberg.
Intelsat, owned by London-based BC Partners Ltd. and Menlo Park, California-based Silver Lake Management LLC, will use proceeds to repay debt. Neither is offering shares in the IPO, which is for about a 21 percent stake of Intelsat, the filing shows.
The company generated $2.61 billion in revenue in 2012, a less than 1 percent gain from the year-earlier period. Intelsat’s communications network includes more than 50 satellites that cover more than 99 percent of the world’s populated areas, according to the filing.
Intelsat plans to list on the New York Stock Exchange under the symbol I. Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Bank of America Corp. are leading the offering.
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