Kornit Digital Aims to Raise $130 Million in Public Offering
The Nasdaq-listed company has chosen Citigroup, Goldman Sachs, and Barclays as the bookrunners
Micky Grunfeld : 2019-06-12T10:03:17..
Nasdaq-listed Kornit Digital Ltd., an Israel-based maker of industrial inkjet printers for the garment industry, is looking to raise funds by issuing 4,340,000 million ordinary shares in a public offering, the company announced Tuesday. Kornit closed at $29.36 on Tuesday, meaning at its current trading price the offering could net it almost $130 million. The company awarded the book runners—Citigroup, Goldman Sachs, and Barclays—an option to buy 651,000 additional shares, which could net it around $19 million more. Based in the northern Israeli town of Rosh Ha’ayin, Nasdaq-listed Kornit manufactures industrial inkjet printers, pigmented ink, and related chemical products. The company employs around 460 people. Since the beginning of 2019 Kornit has seen its stock rise by almost 60%, leading it to pass the $1 billion market capitalization mark. The company has recently switched from selling via a distributor to direct sales, leading to a nearly 43% cut in its 2019 first quarter revenues, to $1.2 million, despite a 23% increase in sales to $38.2 million.