spacetoday.net: Intelsat shares rise after IPO

Intelsat shares rise after IPO

Posted: Fri, Apr 19, 2013, 2:00 PM ET (1800 GMT)
Commercial communications satellite operator Intelsat raised less money than expected in its initial public offering (IPO) of stock on Thursday, but shares rose in the first day of trading. The company had hoped to sell 21.7 million shares of stock at a price of $21-25 per share, but ended up selling 19.32 million shares at $18. Combined with processed from the sale of preferred stock, the company expects to net $472 million from the sale; the company had previously anticipated raising over $800 million. Company executives said the IPO as as good as could be expected given current market conditions. Shares of Intelsat, trading on the New York Stock Exchange under the ticker symbol I, rose $1.25 in the first day of trading.