Impsat Files to Raise US$150mn in US IPO

Argentina's telecommunications network provider Impsat Corp. has filed with the US Securities & Exchange Commission to raise as much as US$150mn in an initial public offering (IPO). Impsat wants to list on the NASDAQ exchange under the symbol IMPT. Impsat did not reveal how many shares it plans to sell or the projected price range, saying the US$150mn figure was merely a basis for calculating the SEC registration fee. Underwriters include Morgan Stanley Dean Witter, Goldman, Sachs & Co. and Salomon Smith Barney. Impsat provides Internet and private network integrated data and voice telecommunications services in Latin America, with active operations in Colombia, Venezuela, Ecuador, Mexico and Brazil. The company is building an extensive pan-Latin American high capacity broadband network using advanced technologies including IP/ATM switching, DWDM, and non-zero dispersion fiber optics, valued at some US$244mn. Proceeds will go towards financing this network - being built by Canada's Nortel Networks (NYSE: NT) - as well as the redemption of preferred stock, potential acquisitions, working capital and other general corporate purposes. The current owners of Impsat are Nevasa Holdings (of the Pescarmona group) (59%), Morgan Stanley Dean Witter (21%) and British Telecom (20%).