Canadian Satellite Radio Holdings Inc. (CSR), the Canadian affiliate of XM Satellite Radio, said Dec. 6 it will offer more than 3.4 million shares of stock in an initial public offering.

The company, which will broadcast in Canada under the XM Canada brand, will value the shares at a price of Cdn. $16 ($13.84) and hopes to raise about Cdn. $800 million ($691.8 million). CSR said it intends to use the proceeds to complete its initial infrastructure rollout and fund operating expenses.

The offering is scheduled to close Dec. 12. Shares will be listed on the Toronto Stock Exchange under the ticker symbol XSR.SV.