Tech stocks - Friday, May 1, 2009
DigitalGlobe Files For $250M IPO
The guys who are best known for powering Google Maps are set to pay-back investors. DigitalGlobe's other customers are US and foreign defense and intelligence agencies as well as and oil and gas exploration companies.
DigitalGlobe gathers images daily through its two satellites and maintains them in its library. It plans to launch a third satellite in the autumn, which it expects to nearly double its image collection capabilities.
Longmont, CO's DigitalGlobe, which licenses, high-res Earth imagery solutions, has set its proposed IPO terms to 14.M common shares being offered at between $16 - $18 per share. The company would be valued at roughly $807M at the high end. Call it a $250M IPO. The plan is to trade on the NYSE under ticker symbol DGI. Investors include Ball Aerospace & Technologies Corp., Hitachi, Morgan Stanley and Telespazio SpA/Euimage Investment.
DigitalGlobe's will become the 5th IPO in the US this year (the fourth in tech). The others are Chinese online videogame maker Changyou, online college operator Bridgepoint Education, and language training company Rosetta Stone.
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