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June 12, 1997updated 05 Sep 2016 12:35pm

IRIDIUM PRICES PHONES, COMPLETES IPO

By CBR Staff Writer

Motorola Inc’s global satellite mobile phone consortium Iridium LLC says that its new handphones would cost between $2,000 and $3,000 each, according to a Reuters report. The company declined to make sales projections, but figures there is a world market of about 43 million for the phones. Iridium World Communications Ltd, which holds an eight percent stake in the consortium, successfully launched its IPO on Tuesday, raising about $240m on an offering increased from 10 million shares to 12 million. The stock, offered at $20, closed at $21.50 on Wednesday, down from its two-day high of $22.375. Iridium, due to begin offering its service in September of 1998, finally launched its first satellite last month after several delays (CI No 3,161).

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