Iridium, the company that once planned to offer voice services using satellite technology, is ramping up its services after seven years post-Chapter 11. Iridium, which now boasts 100,000 satellite phone subscribers, has increased its subscriber base at a double digit pace during the past year-and-a-half. Iridium now focuses on industrial, business markets and machine-to-machine communications rather than consumers like many of its rivals.
"We are moving towards an IPO with the timing based more on the markets than our need and our readiness for it," said Matt Desch, Iridium's CEO.
Desch expects the IPO and a private equity offering to raise about $500 million for the company. The momentum is good news for the private investors who purchased Iridium's assets in 2000, after Motorola backed the company with nearly $5 billion in investments.
For more on Iridium:
- read this report from the Financial Times