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Startasys plans to raise $400m in share sale
3D printer maker seeks to finance expansion.
Stratasys, the U.S.-Israeli maker of 3D printers and materials for personal use, said late on Monday it was planning to raise some $400 million of shares in the United States to help finance its expansion.
The company’s share trade on the Nasdaq has a market valuation of $4.1 billion and some $150 million in cash, but that is insufficient to help it boost sales from a projected range of between $455 million and $480 million this year to $615 million in 2014.
The capital will be used to expand production capacity as well as finance mergers and acquisitions.
Stratasys said it planned to sell four million ordinary shares, a number that could grow by as much as 600,000 if underwriters ask for it because of large demand. Stratasys shares were down 1.6% in late trading at $103.56.
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.
Erez Simha,the company's chief operations officer, is on a three-day road show for investors with the aim of competing the share offering in the next week. Monday night the company filed a registration statement for the shares with the U.S. Securities and Exchange Commission.
Startasys was formed from the 2012 merger between the Israeli maker of three-dimensional printers, Objet, and the Minnesota-based Stratasys in a share swap valued at $1.4 billion. The company's 3D printing equipment, which ranges from desktop 3D printers to advanced production systems, creates physical objects directly from digital data.