Reuters: Hot Stocks: Intelsat shares flat as satellite company IPO prices below range

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Intelsat shares flat as satellite company IPO prices below range Apr 18th 2013, 15:06 By Olivia Oran April 18 | Thu Apr 18, 2013 11:06am EDT April 18 (Reuters) - Intelsat Global Holdings shares remained flat in their New York Stock Exchange debut on Thursday after the satellite operator priced fewer shares than expected, and at a level that was below the proposed range. Shares traded hands at $18.05 after the company, backed by European private equity firm BC Partners and Menlo Park, California-based Silver Lake Partners, raised $347.4 million in its initial public offering. Intelsat shares priced at $18, below their expected range of $21 to $25. The company priced 19.3 million shares, less than the 21.7 million shares it had offered. Intelsat's satellite network delivers information for television and telephone companies, Internet providers and governments around the world. The company, which transmitted television images of Neil Armstrong's landing on the moon in 1969, is the world's biggest operator of satellite services. The IPO's lead underwriters include Goldman Sachs Group Inc, JP Morgan Chase & Co, Morgan Stanley and Bank of America Merrill Lynch. (Reporting by Olivia Oran in New York; editing by Matthew Lewis)

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