IPG Photonics Corporation Announces Pricing of Public Stock Offering
OXFORD, Mass.--(BUSINESS WIRE)--
IPG Photonics Corporation (Nasdaq Global Market: IPGP) ("IPG" or the
"Company") today announced the pricing of a public offering of 3,000,000
shares of its common stock, consisting of 2,800,000 shares to be sold by
the Company and 200,000 shares to be sold by the Company's chairman and
chief executive officer, Dr. Valentin P. Gapontsev. The price per share
in the public offering is $54.30, resulting in net proceeds to the
Company, after underwriting discounts and commissions, and estimated
transaction expenses, of $144.7 million. The Company will not receive
any proceeds from the sale of shares in the offering by Dr. Gapontsev.
The Company granted the underwriters a 30-day option to purchase up to
an additional 450,000 shares of the Company's common stock. It is
expected that the offering will close on March 7, 2012, subject to
customary closing conditions.
As previously announced, the Company expects that the proceeds of this
offering will be used for general corporate purposes and to fund capital
expenditures and working capital requirements. The Company may also use
some of the net proceeds for acquisitions of complementary businesses
and technologies, although no such acquisitions are currently pending.
BofA Merrill Lynch serves as sole bookrunning manager for this offering
and Needham & Company and Stifel Nicolaus Weisel serve as co-managers.
An automatic shelf registration statement relating to the securities
offered in this offering was filed with the Securities and Exchange
Commission (the "SEC") on February 27, 2012. The offering of these
securities is being made pursuant to a prospectus supplement to the
prospectus contained in the shelf registration statement, which
prospectus supplement will be filed with the SEC. The prospectus and
prospectus supplement will be available at no charge on the SEC's Web
site at www.sec.gov.
When available, copies of the prospectus and prospectus supplement also
may be obtained from BofA Merrill Lynch, 4 World Financial Center, New
York, NY 10080, Attention: Prospectus Department, or by emailing a
request to dg.prospectus_requests@baml.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any such state.
About IPG Photonics Corporation
IPG Photonics Corporation is the leading developer and manufacturer of a
broad line of high-performance fiber lasers, fiber amplifiers and diode
lasers that are used in numerous applications in diverse end markets.
IPG has its headquarters in Oxford, Massachusetts, and has additional
plants and offices throughout the world. For more information, please
visit www.ipgphotonics.com.
IPG Photonics Corporation
Tim Mammen, 508-373-1100
Chief
Financial Officer
or
Sharon Merrill
David Calusdian,
617-542-5300
Executive Vice President
Source: IPG Photonics Corporation
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