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3D printer maker Stratasys Inc. (Nasdaq: SSYS) announced on Monday that it intends to offer 4,000,000 of its ordinary shares in an underwritten public offering.
The company has filed a prospectus with the US Securities and Exchange Commission (SEC) to issue these shares and Stratasys expects to grant the underwriters a 30-day option to purchase up to an additional 600,000 of its ordinary shares to cover over-allotments.
Stratasys had a record Non-GAAP revenue of $106.7 million for the second quarter of 2013 which represents a 20% organic increase over the $88.7 million for the same period last year. It has a market cap of $4.1 billion, and had $148 million in cash at the end of June.
At Monday's closing price of $105.22, the offering will raise a gross $409 million, and if the underwriters exercise their options in full, the amount will increase to $471 million.
J.P. 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.
Stratasys acquired Makerbot earlier this year for $403 million in shares. Most likely Stratasys will use the proceeds for mergers and acquisitions of small companies, capital expenses, and working capital.
Posted in 3D Printing Company
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