3D printer maker Stratasys Inc. says they hope to raise more than $400 million in a public offering.
Formed as a result of a merger between Israel's Objet Geometries and Stratasys of the US, the company has a market cap of $4.1 billion, and had some $148 million in cash on hand at the end of June 2013.
Stratasys manufactures 3D printers and consumable materials for personal use, prototyping and large-scale production. Their systems include entry-level desktop 3D printers for personal use and a range of systems for prototyping, as well as large production systems for direct digital manufacturing.
In a deal completed last month, Stratasys acquired Makerbot, the manufacturer of 3D desktop printers for some $403 million in shares. The terms of the merger specified that the Stratasys will exchange up to 4.7 million of its shares for 100 percent of MakerBot's outstanding stock.
Stratasys, known for enterprise-level printing and prototyping aimed at designers and engineers, looked to MakerBot to provide an entry point into the consumer market for 3D printers.
Up to that point, MakerBot had sold more than 22,000 3D printers since entering the market in 2009.
This time around , Stratasys has filed a prospectus with the US Securities and Exchange Commission to issue four million shares which also grant underwriters allotments options to buy up to 600,000 shares.
It's expected that the offering will raise somewhere over $409 million. That number would climb to $471 million if the underwriters go on to exercise all the planned options.
The lead underwriter for the deal, JP Morgan, will be joined by Piper Jaffray, Morgan Stanley, BofA Merrill Lynch, and Needham & Company who will act as co-managers.
Stratasys says they plan to use the funds generated by the sale "for business purposes, including acquisitions, capital expenses, and working capital."