It's taking up a public position. Satellite operator Intelsat Ltd, announced on 8 March, that it would be making an initial public offering of its ordinary shares valued at around $500 million before end 2002. The company is also giving its current shareholders a chance to offload their stock during the IPO.

In a press release issued yesterday, Intelsat said that it expects to file its IPO registration statement with the US Securities & Exchange Commission in mid-2002.

The purpose of the IPO: to raise funds for general corporate purposes and to repay outstanding debt, and to comply with the Open-Market Reorganization for the Betterment of International Telecommunications Act (known as the ORBIT). Under this act, Intelsat Ltd has to complete its IPO before 31 December 2002.