June 12 update: Underwriters fully exercised an option to purchase up to 1.85 million additional shares, increasing net proceeds from the offering to around $402.3 million. Voyager shares rocketed more than 82% to close at $56.48 after their first day of trading, and have since come down to hover around $50.

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Jason Rainbow writes about satellite telecom, finance and commercial markets for SpaceNews. He has spent more than a decade covering the global space industry as a business journalist. Previously, he was Group Editor-in-Chief for Finance Information Group,...