Investors Set To Launch DigitalGlobe (DGI) IPO Into Orbit
Investors are waiting with bated breath for this week's upcoming IPO for DigitalGlobe, Inc. (NYSE: DGI). The company is planning to sell 14,700,000 shares with a offering price expected between $16-$18 per share. The stock will trade on the NYSE under the symbol "DGI" when it opens, which is expected on Thursday.
A positive Wall Street Journal piece on the IPO yesterday is sure to increase awareness. The Journal said the Obama administration's plans to use more commercial satellite imagery for intelligence gathering will propel the IPO of DigitalGlobe.
Morgan Stanley and JP Morgan are leading the offering while Citi, Merrill Lynch and Jefferies will assist.
DigitalGlobe is a leading global provider of commercial high resolution earth imagery products and services. The company's products and services support a wide variety of uses, such as defense and intelligence initiatives, mapping and analysis, environmental monitoring, oil and gas exploration, and infrastructure management. Principal customers of DigitalGlobe include U.S. and foreign defense and intelligence agencies and a wide variety of commercial customers, such as internet portals, companies in the energy, telecommunications, utility, and agricultural industries, and U.S. and foreign civil agencies.
DigitalGlobe's products and services are incorporated into a growing number of location-based applications, including Google Maps and Microsoft Virtual Earth, and mobile devices from vendors such as Garmin and Nokia.
For the years ended December 31, 2006, 2007 and 2008 and the three months ended March 31, 2008 and March 31, 2009, DigitalGlobe generated revenue of $106.8 million, $151.7 million, $275.2 million, $68.8 million and $67.2 million, respectively, and income before income tax of $9.9 million, $37.9 million, $91.9 million, $23.5 million and $17.7 million, respectively. As of March 31, 2009, DigitalGlobe had total assets of $1,012.0 million, an accumulated deficit of $52.8 million and total stockholders’ equity of $415.5 million.
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