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ORBCOMM Goes Public

ORBCOMM is going public on the Nasdaq Global Market under the symbol ORBC.ORBCOMM is going public on the Nasdaq Global Market under the symbol ORBC. The wireless-telecommunications company, based in Fort Lee, is selling some 11.2 million shares of common stock in the price range of $12 to $14 per share during its initial public offering. ORBCOMM is selling about 9.2 million shares of common stock with selling stockholders putting up the rest for sale. The company expects to grant the underwriters of the IPO an option to buy a maximum of some 1.7 million additional shares at the IPO price to cover over-allotments. UBS Investment Bank is the only book-running manager for the offering, with Morgan Stanley acting as joint lead manager. Banc of America Securities and Cowen and Company are co-managers of the IPO. ORBCOMM uses a network of 30 low-earth orbit satellites and ground infrastructure to offer two-way digital messaging, data communications, and geo-positioning services.