Inmarsat PLC hopes to raise about 379 million pounds ($688.8 million) in an initial public offering (IPO) on the London Stock Exchange, the company announced June 1.

The shares will be priced between 215 pence and 245 pence, valuing the company at 1.09 billion pounds, Inmarsat said in a filing with the Exchange. Pricing, allocations and the start of conditional dealings are expected to occur by June 17, with full listing on the exchange taking place by June 22, Inmarsat said.

Venture capital firms Apax Partners Worldwide LLP and Permira Advisers Ltd own Inmarsat. None of the existing stakeholders intend to sell shares, the filing said.

“We are looking forward to the opportunities afforded by public company status and we will use the proceeds of the IPO to strengthen our balance sheet,” Andrew Sukawaty, chairman and CEO of Inmarsat, said in a statement.