Eutelsat Communications is lowering the indicative price range for its initial public offering of common stock to 12 euros to 13.80 euros ($14.52 to $16.70), the company announced Oct. 25. Eutelsat previously had set the offering at 15.25 euros to 17.75 euros ($18.44 to $21.47), and one analyst called that range overpriced.

Eutelsat said the revised offering would consist of a maximum of about 71.7 new shares representing 33 percent of the capital stock and voting rights of Eutelsat. Existing shareholders will not sell any shares in the offering except upon exercise of an over-allotment option. The offering is expected to generate 824 million euros ($996.8 million), which will be used to pay down debt.

The retail offering in France began Oct. 11 and is expected to close Oct. 27 at 5 p.m. Paris time. The international offering began Oct. 11 and is expected to close Oct. 27 at 6 p.m. Paris time, unless closed in advance. The pricing of the global offering is expected to occur Oct. 28 and trading on the Eurolist by Euronext Paris exchange is expected to commence Oct. 31.