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Friday, November 03, 2006

ORBCOMM IPO is a Disappointment

ORBCOMM, Inc (ORBC) priced its 9.23 million share IPO at $11.00, lower than the 11+ million shares and under the $12.00 to $14.00 range. ORBCOMM is a global satellite data communications company focused on providing Machine to Machine (M2M) solutions such as data communications and GPS systems.

UBS Investment Bank is the sole book-running manager and Morgan Stanley & Co. Incorporated is acting as joint lead manager for the offering. Banc of America and Cowen & Co. are co-managers.

This IPO was one that had tried to come to market before but failed. The indications were running so-so on this at beast, but this pricing and share count looks like it is even worse than the original indications.

Jon C. Ogg
November 3, 2006

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