PanAmSat, the US satellite operator owned by a consortium of private equity buyers, received a lukewarm reception on the first day of trading following its initial public offering.

PanAmSat shares fell 3.6 per cent to $17.35 on Thursday in New York. On Wednesday night PanAmSat priced the offering at $18 per share, below the $19-$21 range it had indicated in regulatory filings.