Irving Underhill [Public domain], via Wikimedia Commons
New York Stock Exchange
Leading 3D printing machine and materials manufacturer Stratasys (NASDAQ:SSYS) has announced today (September 13th) that it has prices an underwritten public offering of 4.5 million of its ordinary shares at a price to the public of $93.00 per ordinary share.
Stratasys has also granted underwriters a 30-day option to purchase up to an additional 675,00 of its ordinary shares to cover over-allotments where applicable.
The net offering proceeds to Stratasys from this offering, assuming no exercise of the underwriters' over-allotment option, are expected to be approximately $402.2 million after deducting underwriting discounts and commissions and other estimated offering expenses.
JP Morgan is acting as sole book-running manager for the offering, and Piper Jaffray, Morgan Stanley, BofA Merrill Lynch and Needham & Company are acting as co-managers for the offering.
At close of play last night, Stratasys shares were down by five per cent in New York, slipping to $97.79 per unit. At market open today, the 3D printing stock fell still further, dipping by four per cent to $93.80 per unit.
3D Systems (NYSE:DDD) - which tends to move in line with its number one rival in terms of market activity - also lost ground in trading this morning. On the New York Stock Exchange, 3D Systems dipped by 0.3 per cent to $50.26 per unit, slipping still further from the 52-week high of $53.43 that it reached at the very end of August.
Finally, ExOne (NASDAQ:XONE), which recently initiated another stock offering of its own, has bucked the downward trend this Friday morning on Wall Street, making gains of 0.3 per cent to $55.75 per unit, but this was head and shoulders lower than the 52-week zenith of $75.67 reached at the beginning of August.