It did not take John Bitove long to start talking about an IPO after the CRTC awarded his company, Canadian Satellite Radio, a license to print money...er, I mean a license to operate one of three satellite radio services in Canada. Bitove said plans for an IPO that could raise as much as $100-million are "imminent" after the service launches later this year. Doing some back of the envelope calculations based on CSR's subscription growth expectations, the company could currently be worth $600 million to $700 million. This would value Bitove's 62% stake at $360 million to $420 million. This is before investors get their hands on the IPO, which will probably be red-hot given the growth of XM and Sirius in the U.S., and strong interest among consumers in the service. Bitove is laughing all the way to the bank because his partner, XM, which has an option to buy 33% of CSR for a nominal amount, has already done all the dirty work when it comes to attracting retail and automotive partners, and investing billions of dollars putting satellites in the sky. All Bitove needs to do is establish Canadian relationships, and start collecting the subscription fees. So what did this enviable position cost Bitove? The price to play is about $5-million - money that could have been lost if the CRTC rejected CSR's licensing proposal. Considering Bitove's stake is already appreciated 70 to 80 times, there's no wonder he was celebrating when the CRTC made its decision on Thursday.