NEW YORK-Pasifik Satelit Nusantara, the first non-governmental Indonesian satellite company, went public June 11 with the sale of 3.65 million American Depository Shares representing 10.95 million shares of common stock.
The initial public offering price was $20 per ADS. The company’s securities will trade on Nasdaq under the symbol PSNR. Donaldson, Lufkin & Jenrette Securities Corp. served as lead underwriter for the IPO.
Pasifik Satelit Nusantara, headquartered in Jakarta, Indonesia, is one-third owner and the primary sponsor of P.T. Asia Cellular Satellite, known as ACeS. ACeS is developing a satellite-based, handheld, digital mobile telecommunications system intended to provide competitively priced telephone and data services to subscribers in the Asia-Pacific region.
The ACeS system is designed to be a satellite-based version of the Global System for Mobile communications terrestrial wireless standard. Using handsets resembling cellular telephones, ACeS subscribers will be able to communicate with wireline and wireless telephone users around the world through gateway links to the public switched telephone network. ACeS subscribers also will be able to communicate with each other directly.
Pasifik Satelit Nusantara will use most of the proceeds to finance its 1996 equity contributions to P.T. Asia Cellular Satellite. About $12 million of the proceeds will be used for capital expenditures to help fulfill the company’s commitment as exclusive national service provider of ACeS in Indonesia, the world’s fourth most populous country.
Principal shareholders in Pasifik Satelit Nusantara include: P.T. Telekomunikasi Indonesia, the Indonesian state telephone company; P.T. Elektrindo, a private Indonesian company with telecommunications investments; Hughes Space and Communication International Inc., a subsidiary of General Motors Hughes Electronics Corp., which provides satellites and related services; and Telesat Canada, the Canadian national satellite carrier.
