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Highlights
- Telesat aims to list its shares on the Toronto Stock Exchange and the NASDAQ.
- Telesat has applied to list its shares under the stock symbol TSAT on both exchanges.
- Telesat aims to revolutionize global broadband connectivity and is developing a new constellation of satellites known as Lightspeed.
The Ottawa-based satellite communications company Telesat is looking to go public and use the gross proceeds for its multibillion-dollar high-speed internet project.
Telesat is looking to list its shares on the Toronto Stock Exchange (TSX), and it reportedly aims to use the money raised in the offering for bringing high-speed internet to remote areas through a constellation of low-Earth-orbit satellites.
In addition, the satellite communications company also plans to make its public debut in the US equities market. Telesat will list its shares on the NASDAQ and the trading is expected to start sometime next week.
Telesat has applied to list its shares under the stock symbol TSAT on both exchanges. Potential investors interested in this stock will have to wait for the satellite communications company to file its final prospectus with the regulatory authorities.
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As of now, there's no information on whether the retail investors will get an option to buy the pre-IPO shares. However, companies often allow retail investors to buy the shares before the company becomes a publicly traded company.
Generally, trading platforms of brokerage companies allow the investors to book the pre-IPO shares and they are allotted through a lottery basis.
Things to know about Telesat before it goes public
The Public Sector Pension Investment Board (PSP Investments), Loral Space & Communications Inc., and Crown Corporation own Telesat.
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The Ottawa-based company aims to revolutionize global broadband connectivity and is developing a new constellation of satellites known as Lightspeed.
Telesat will likely spend US$ 5 billion for this project and has secured US$ 1.44 billion in financing from the Canadian government.
Bottom line
The satellite communication equipment industry is growing rapidly, and it was valued around approximately at US$ 22 billion in 2021, according to a Markets and Markets report.
By 2026, the industry is expected to register a compound annual growth rate (CAGR) of 19.6 per cent and reach US$ 53.7 billion.
