Satellite communications company Inmarsat hopes to raise about $690 million in an initial public offering (IPO) of new shares later this month.
The company is seeking a full listing on the main market of the London stock exchange. Following the publication of a price range prospectus, Inmarsat is expected to make a global offer of shares to institutional investors.
It says it is proceeding with the IPO "to reduce debt and to provide future opportunities for shareholders to exit the company in their own time".
Private equity investors Apax and Permira each hold a 25.9% stake in the company, and the rest of the shareholding is split between more than 30 smaller investors.
Inmarsat says it will announce pricing, allocations and begin conditional dealings on or around 17 June, with listing and the start of trading on the London stock exchange about five days later.
The company intends to use the proceeds of the IPO to strengthen its balance sheet. Chairman and chief executive Andrew Sukawaty says: "We are now coming to the end of a heavy investment phase allowing us to focus on driving revenue and earnings growth and converting those earnings into cash."
Inmarsat estimates the value of the shares at between £2.15 and £2.45 each, putting the company's total equity at £1.09 billion at the mid-point of the price range, following the global offer.
Source: Flight International