Eutelsat's decision to cancel its planned billion-dollar initial public offering (IPO) of stock followed a series of missteps and misunderstandings that clouded what should have been the straightforward sale of a healthy and growing company, banking and satellite industry officials said. Paris-based Eutelsat, the world's third-largest commercial satellite operator in terms of revenue, will now have to pick up the pieces — and digest millions of dollars in banking fees and commissions that are now lost, leaving the company to contemplate a renewed IPO attempt early in 2006. "There is no rush to get this done, but Eutelsat management and the sponsors want to go public sooner rather than later," said a member of Eutelsat's investment banking team. "It's easy to say we should have done things differently. I guess we should have."
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