IPG Photonics, CEO Selling 3M Shares
OXFORD, Mass., Feb. 28, 2012 — Fiber laser maker IPG Photonics Corp. announced that it will sell up to 2.8 million shares and that its chairman and CEO, Dr. Valentin P. Gapontsev, will sell another 200,000 shares in a public offering that opened Monday. The transaction could net the company more than $163 million, based on its current price per share.
Proceeds of the sale will be used to fund capital expenditures and provide working capital, the company said, and could be used to fund acquisitions, although none are currently pending.
Underwriters will also be granted a 30-day option to purchase up to an additional 450,000 shares.
BofA Merrill Lynch is the sole bookrunning manager for the offering; Needham & Company LLC and Stifel Nicolaus Weisel are acting as co-managers.
For more information, visit: www.ipgphotonics.com