MUMBAI: Intelsat has plans to conduct an Initial Public Offering (IPO) of its ordinary shares worth about $ 500 million.

The company, which offers telephony, corporate network, video and Internet solutions around the globe, made an announcement about its intention to conduct an initial public offerings, on 4 January 2004.

The company also has plans to offer its current shareholders an opportunity to sell ordinary shares in the offering.

The purposes of the initial public offering are to raise money to repay outstanding debt and for general corporate purposes, as well as to comply with the Open-Market Reorganization for the Betterment of International Telecommunications (ORBIT) Act, says a company release.

According to the company release, it is anticipated that the initial public offering would come through on or before 30 June 2004 as the ORBIT Act requires Intelsat Ltd to complete an initial public offering by no later than 30 June 2004.

The company expects to file a registration statement relating to the initial public offering with the US Securities and Exchange Commission in the first quarter of 2004.