Investors Snap Up Shares of DigitalGlobe (DGI) IPO

Investors are snapping up shares of today's IPO of DigitalGlobe, Inc. (NYSE: DGI). Shares are trading at $22.34 after pricing 14,700,000 shares at $19 per share, above the expected $16-$17 range.

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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