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Satellite radio firm has IPO
Posted: Fri, Aug 5, 2005, 7:26 AM ET (1126 GMT)
WorldSpace, the first commercial satellite radio company, completed an initial public offering (IPO) of its stock on Thursday, with shares rising during the first day of trading. WorldSpace offered 11.8 million shares of stock at $21/share; the stock closed Thursday at $23.33/share. WorldSpace offers satellite radio services outside North America, primarily in Asia and Africa. The company has spent $2.1 billion over 15 years without ever recording a profit, and has suffered from a lack of subscribers. XM Satellite Radio, a much larger company that serves the US market, made a $25 million investment in WorldSpace last month; ironically, WorldSpace was one of the founding shareholders in XM.
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