March 2, 2012
IPG Sets Price For New Stock Offering
By Rick Saia
IPG Photonics Corp. of Oxford, which earlier this week announced it's offering 3 million shares of stock, has established a price of $54.30 for each of those shares.
The company expects to generate $144.7 million in net proceeds from the sale after underwriting discounts and commissions, along with estimated transaction expenses.
The stock offering will close March 7, the company said.
IPG expects to use the proceeds from the sale for general corporate use and to fund capital expenditures and working capital requirements. The company may also use some of the money to acquire complementary businesses and technologies, although it said no deals are pending.
IPG stock, which trades on the NASDAQ market, closed at $54.80 after Thursday's trading.
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