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Bermuda-based Global Crossing Ltd. on Friday became the largest non-US initial public offering on the Nasdaq this year.

The telecommunications company's initial public offering of 21 million shares was snapped up on the market Friday at $19 a share and quickly rose to about $27 (SUB EDITOR PLEASE CHECK CLOSING PRICE ON BLOOMBERG - GBLX equity, a 42 percent appreciation.

The company is building a network of undersea digital fibre optic cables to provide Internet and long-distance services worldwide.

The initial stock sale gave the company a market capitalisation of about $3.83 billion. About $220 million of the proceed will be invested in the company's undersea network, while another $50 million will be used for investments in telecommunications companies and Internet service providers according to Bloomberg business news.

Of the 21 million shares, two million were being sold by the founding shareholders.

The company plans on basing its operations, administration and maintenance support centres in Bermuda according to an initial public offering document filed July 23 with the US Securities and Exchange Commission (SEC).

The company currently has employees at Wessex House on Reid Street. The company has expressed interest in eventually relocating its operations to the former US air station baselands -- now known as Southside -- according to a source.

The company began operations in March 1997 to take advantage of the new trend toward deregulation and open competition. Instead of having to invest heavily in building their own networks the new telecommunications companies will have the option of buying capacity from Global Crossing.

The company plans on locating its worldwide customer care centre, network operations centre, and technical support centre in Bermuda to deal with its clients -- telecommunications companies.

The network centre will handle all operations, administrative and maintenance activities for the company's cable systems.

Co-chairman Gary Winnick, who is listed as having being in the investment and merchant banking business since 1985, founded the company and holds a 27 percent stake.

CIBC Oppenheimer, an affiliate of the Canadian Imperial Bank of Commerce, currently holds another 25 percent company. CIBC has provided financing for much of the company's activities so far. US-based Continental Casualty Co.

holds another 10 percent.

Global Crossing currently has 20 carriers as customers on its Atlantic Crossing network, according to the SEC document.

Company officials are currently not making any statements to the media to comply with SEC regulations, a spokesperson said.