Xometry IPO: Company eyes US$100 mn in NASDAQ debut

Summary

  • Xometry has set a price range of US$38-US$42 for each Class A Common Stock for the IPO.

  • Class A Common Stock would be approximately 42.9% of the total voting right; the rest 57.1% would be with Class B Common shares.

  • Revenue in FY 2020 increased by 76% YoY from US$80.2 million to US$141.4 million.

Industrial parts marketplace Xometry Inc. plans to raise US$100 million through an initial public offering (IPO) with a price range of US$38 to US$42 per share. It had filed for an IPO on NASDAQ-Global Select on June 4.

The company was incorporated under the name Nextline Manufacturing Corp. in 2013. In June 2015, it changed its name to Xometry Inc. It is headquartered in Montgomery County, Maryland. Its regional offices are in Lexington, KY, Jackson, TN, and Munich, Germany.

Xometry, which has proposed its symbol 'XMTR' for NASDAQ-GS, is artificial intelligence (AI) enabled marketplace for on-demand manufacturing. This marketplace provider offers a platform for buyers and sellers to trade in on-demand industrial parts. 

Its sellers are engaged in 3D printing, injection molding, computer numerical control manufacturing, die casting, sheet metal manufacturing, urethane casting and finishing services, rapid prototyping, and high-volume production. 

Stock Distribution

The company plans to offer a total of 6,875,000 Class A Common Stock. The total outstanding of Class A Common Stock would be 40,197,281 shares after the offer. Underwriters will have the option to purchase 1,031,250 shares, and if they exercise the option, the total Class A shares will be 41,228,531 shares.

Class B shares after this offering will be 2,676,154.

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Source: Pixabay

Xometry’s Q1 Revenue

The company has earned revenue of US$141.4 million in the FY ended in December 2020. Its revenue was US$43.9 million in the quarter ended March 31, 2021, compared to US$26.69 in the March quarter of the previous year.

Xometry booked a net loss of US$10.5 million in the March quarter of 2021, compared to US$8.6 million in the year-ago quarter. In 2019 and 2020, 95% of revenue came from the US market. Last year it made sales to 51 countries.

In 2018, Xometry acquired ‘Maketime’, a company in the on-demand manufacturing space, and in 2019, it bought ‘Shift’, Europe's largest CNC manufacturing network.

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Its underwriters for the IPO are Goldman Sachs & Co., J.P. Morgan Securities, UBS Securities, CitiGroup Global Marker Inc, BofA Securities, William Blair and Company, RBC Capital Market, C.L. King and Associates and Loop Capital Markets.

It has connected over 43000 buyers and nearly 5000 sellers on its platform. Around 30% of buyers are from Fortune 500 companies, including Moderna, BMW, ABL Space System, Clear Mask LLC, Tortuga AgTech. 

WarnerWerks, United MfgSolutions, PenCo Precision, KDML Precision Machine, Dragonwrath Innovations, Motor City Engineering, and Todd White Metal Works are among its suppliers.

It has reported 386 employees as of March 31, 2021.

Xometry has been generating significant revenue since its inception. It reported revenue of US$38.4 million, US$80.2 million, and US$141.4 million in 2018, 2019, and 2020, respectively.

The company intends to invest in growth projects and scale-up. Its mission is to accelerate innovation by providing real-time equitable access to manufacturing capacity and demand globally.

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