Leading industrial 3D printing systems manufacturer Voxeljet has announced the pricing of its Initial Public Offering (IPO).
The German company, based in Friedberg, specialises in large-format, high-speed additive manufacturing machines and providing on-demand services to industrial and commercial clients. Yesterday (October 17th), the organisation announced a public offering of 6,500,000 American Depositary Shares (ADSs) at a public offering price of $13.00 per ADS.
Of the 6,500,000 ADS sold in the public offering, 5,600,000 were sold by the company and 900,000 were sold by its shareholders. Voxeljet's ADSs are anticipated to begin trading today on the New York Stock Exchange under the ticker VJET. The offering is expected to close on October 23rd subject to the satisfaction of customary closing conditions.
Selling shareholders have granted the offering's underwriters - which include Piper Jaffray and Citigroup - a 30-day option to purchase up to an additional 975,000 ADSs at a public offering value, less the underwriting discount, to cover over-allotments where applicable.
The net proceeds of the IPO to the company are estimated to be around $64.5 million (£39.8 million, €47 million) after deducting underwriting discounts and commissions, and estimated offering expenses.
Voxeljet intends to use these proceeds to expand its on-demand service centre in Europe and to establish a new on-demand parts service centre in North America and Asia. Moreover, the money will be invested in research and development, sales and marketing and for general corporate business including potential acquisitions.
The net proceeds of the offering to the selling shareholders are estimated to be around $10.7 million after deducting underwriting discounts and commissions and estimated offering expenses prior to any exercise of the underwriters' over-allotment option. The company will not be receiving any proceeds from the sale of ADSs by the selling shareholders.
Voxeljet filed its $100 million IPO with the US Securities and Exchange Commission last month and will be joining fellow 3D printing industry giant 3D Systems (NYSE:DDD) on the Wall Street index, as well as fellow 3D printing companies ExOne (NASDAQ:XONE) and Stratasys (NASDAQ:SSYS) in the growing 3D printing stock family.
Voxeljet is widely considered a major player and industry leader as its focus on research and development and its work on high-speed, large-format additive manufacturing systems for industry has won it a strong foothold in the burgeoning marketplace. Voxeljet has accumulated a portfolio if 170 US and international patents with these investments beginning to pay the business dividends, as revenues for the business expanded by 35 per cent at a compound rate between 2010 and 2012, shooting up to $11.3 million.
Furthermore, Voxeljet reported a profit of $277,000 in 2012 thanks to the work it has completed for its high-profile customers including BMW, Daimler and Ford, as well as its work producing high-spec props for the 007 box office smash hit Skyfall.