voxeljet AG (VJET) Prices 6.5M IPO at $13/ADS; At Low-End of Range

October 18, 2013 8:14 AM EDT
voxeljet AG (NYSE: VJET) announced the pricing of its public offering of 6,500,000 American Depositary Shares (ADSs) at a public offering price of $13.00 per ADS.

*** Pricing was at the low-end of voxeljet's previously expected range of $13 to $15 per ADS.

Of the 6,500,000 ADS sold in the public offering, 5,600,000 were sold by the Company and 900,000 were sold by its shareholders (the “Selling Shareholders”). The Company's ADSs are expected to begin trading on October 18, 2013 on the New York Stock Exchange under the ticker symbol “VJET.” The offering is expected to close on October 23, 2013, subject to the satisfaction of customary closing conditions. The Selling Shareholders have granted the underwriters a 30-day option to purchase up to an additional 975,000 ADSs at the public offering price, less the underwriting discount, to cover over-allotments, if any.

The net proceeds of the offering to the Company are estimated to be approximately $64.5 million after deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for the expansion of its on-demand parts service center in Europe and the establishment of new on-demand parts service centers in North America and Asia; research and development and sales and marketing initiatives; and for general corporate purposes, including, without limitation, potential acquisitions. The net proceeds of the offering to the Selling Shareholders are estimated to be approximately $10.7 million after deducting underwriting discounts and commissions and estimated offering expenses, prior to any exercise of the underwriters' over-allotment option. The Company will not receive any proceeds from the sale of ADSs by the Selling Shareholders.

Piper Jaffray and Citigroup are acting as joint book-running managers for the offering and Cowen and Company and Stephens Inc. are acting as co-managers.


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