about $188 million through an initial public offering of 10 million shares as part of its plan to build a $5 billion satellite network.

The shares will be sold at $19 to $21 each. The Bermuda-based company will use the proceeds to acquire interests in Iridium LLC, which will operate the wireless communications system. Iridium LLC's current shareholders include Motorola Inc., which holds a 21.94 percent stake.

Iridium is one of several companies with ambitious plans to build a global satellite network to provide voice, data and video communications. Iridium's 66-satellite system will let people make calls anywhere in the world over small, wireless phones.

Iridium has had several delays with its first launch. On January 19, its fifth try at launching its first satellite failed after a Delta 2 rocket exploded at Cape Canaveral, Florida.

The launch, originally scheduled for January 7, already had been delayed four times.

Bermuda-based Globalstar Telecommunications Ltd., a venture led by Loral Space & Communications Ltd., is building a $2.5 billion system of 48 satellites to provide telephone service worldwide.