NEW YORK—Shares of DigitalGlobe Inc. surged in their market debut Thursday, after the company’s initial public offering priced at $19 per share, above expectations.
The company provides high-resolution earth images from satellites to the U.S. government as well as oil, telecommunications and Internet companies.
The Longmont, Colo.-based company’s imagery is used for mapping and analysis, environmental monitoring and oil and gas exploration. Its imagery is also used in applications such as Google Maps and Microsoft Visual Earth, it said in a regulary filing.
The company’s stock, which trades under the ticker “DGI,” jumped or $2.75, 14.5 percent, to $21.75 in midday trading. Earlier in the session, the stock gained as much as 31.6 percent to $25.
It was the fourth initial public offering by a U.S. company on the New York Stock Exchange this year, said NYSE Euronext. The company raised $279.3 million from the offering, the exchange said. The IPO’s 14.7 million shares priced at $19 per share, above its proposed offering price of $16 to $18 per share.
DigitalGlobe said it plans to use money raised from its initial public offering for general corporate purposes.
