IPG Photonics Files for IPO

IPG Photonics Corp. announced Friday it has registered with the Securities and Exchange Commission (SEC) for an initial public offering of up to $130 million in common stock.

The number of shares to be offered and the price range for the offering have not yet been determined. IPG Photonics said it expects to use the net proceeds from the offering to repurchase its Series B warrants, to repay certain debt and for general corporate purposes.

IPG Photonics makes fiber lasers and amplifiers for diverse applications in numerous markets. Its headquarters and manufacturing facilities are located in Oxford, Mass. It operates manufacturing facilities in Germany, Russia and Italy, and it has regional sales offices in the US, Japan, Korea, India and the UK. (See also: IPG Photonics Turned Fiber Bust Into Laser Boom)

IPG said certain existing stockholders, including the chairman and chief executive and two other board members, will be permitted to sell a portion of their holdings in the proposed offering. The company said it won't receive any proceeds from sale of shares by the selling stockholders, according to an Associated Press report.

Affiliates of Merrill Lynch & Co., one of the underwriters in this offering, are holders of the company's Series B warrants, and therefore will receive a portion of the proceeds. The other underwriters listed in the filing are Lehman Brothers, Needham & Co., Jefferies & Co. and Thomas Weisel Partners LLC.

The company said it plans to list its stock on the Nasdaq Global Market under the symbol IPGP.

For the six months ended June 30, IPG's net income increased to $6.12 million from $2.15 million a year earlier. The $130 million valuation for the IPO was estimated solely for calculating the registration fee, the filing said.

For more information, visit: www.ipgphotonics.com