Improving conditions in capital markets suggest initial public offerings could be making a comeback. But one potential Canadian IPO investors likely won’t see any time soon is satellite operator Telesat Holdings Inc.
Last July, one of Telesat’s two shareholders, Public Sector Pension Plan Investment Board – the fund that manages federal government pension money – informed its partner, Loral Space & Communiications, that it was exercising its right under their shareholders’ agreement to require Telesat to go public. (That closely followed a filing last May by Intelsat Global Holdings SA to go public.) As of mid-November, when Loral filed its third-quarter report, the Telesat IPO file was still active.