Stratasys, the professional 3-D printing leader that acquired desktop 3-D printing standout MakerBot during the summer, announced yesterday that it intends to offer 4 million of its ordinary shares in an underwritten public offering. Based on its current stock price, that would raise more than $400 million — about the same amount the company paid in a stock-for-stock transaction for MakerBot (although MakerBot’s price could go higher subject to certain milestones).
Stratasys also expects to grant its underwriters a 30-day option to purchase up to an additional 600,000 of its ordinary shares to cover over-allotments. J.P. Morgan is acting as lead underwriter, with Piper Jaffray, Morgan Stanley, BofA Merrill Lynch and Needham & Company acting as co-managers.
In the SEC filing accompanying the announcement, Stratasys reiterated that it intends to preserve MakerBot’s existing brand and retain its management. The company also said it expects its acquisition of MakerBot will drive faster adoption of 3-D printing for multiple applications and that MakerBot drives the “accessibility and rapid adoption” of 3-D printing through its Thingiverse.com database of user-created digital design files.
The current incarnation of Stratasys — Stratasys Ltd. — was itself formed in 2012 by the merger of 3-D printing companies Stratasys Inc. and Objet Ltd., which are respectively based in Minneapolis and Rehovot, Israel.
[ photo courtesy of Stratasys ]