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Intelsat IPO Disappoints, Only to Please
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Thursday’s initial public offering of Intelsat S.A. (NYSE: I) appears to be off to a bit of a disappointing start, at least on the surface. The world’s largest commercial satellite operator is private equity backed, and it came public with a lower share price and a lower number of shares than what was expected.
Lead underwriters were listed as Goldman Sachs, J.P. Morgan, Morgan Stanley and Bank of America’s Merrill Lynch. The company sold just over 19.3 million shares, versus the 21.7 million shares previously projected. Its price went off at $18 per share, and that was under its expected range of $21 to $25 per share we originally tracked.
Obviously the increased volatility in the equity and risk-based markets have thrown a wrench into the IPO market. At least that is the case for a leveraged satellite player backed by private equity, where the net proceeds will only pay…
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