PanAmSat IPO Launches at $18

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PanAmSat Holding Corp. launched its initial public offering of 50 million shares of common stock at $18 per share Thursday.

The shares are trading on the New York Stock Exchange under the ticker symbol “PA.”

Underwriters have the option to purchase up to an additional 6 million shares from PanAmSat should the offering be oversold.

Morgan Stanley & Co. Inc., Citigroup Global Markets Inc. and Merrill Lynch & Co. are serving as joint-book running managers of the offering.

Credit Suisse First Boston LLC, Bear, Stearns & Co. Inc., Banc of America Securities LLC, Deutsche Bank Securities Inc., RBC Capital Markets Corp., UBS Securities LLC and Wachovia Capital Markets LLC are co-managers.

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