Xometry, the US-based manufacturing services marketplace which counts carmaker BMW, industrial technology provider Robert Bosch and computer producer Dell, closed its initial public offering at almost $348m on Friday.
The company raised an initial $302m last week when it priced 6.9 million class A shares at $44.00 each, and they closed at $69.48 on Friday.
Lead book-running managers Goldman Sachs, JP Morgan and UBS Investment Bank, book-running managers Citigroup, BofA Securities, William Blair and RBC Capital Markets, and co-managers CL King & Associates and Loop Capital Markets took up the option to buy just over 1 million shares to close the IPO.
Xometry has built an online platform which utilises artificial intelligence to help businesses secure specialised parts and assemblies on demand. It posted a $31m net loss in 2020 from $141m in revenue.
The company had received $193m pre-IPO from investors including BMW subsidiary BMW i Ventures, Bosch vehicle, Robert Bosch Venture Capital, Dell unit Dell Technologies Capital and GE Ventures, the now shuttered corporate venturing vehicle for industrial technology provider General Electric.
Co-founders Randolph Altschuler and Laurence Zuriff own all of almost 2.7 million of Xometry’s class B shares, and 6.2% and 5.3% of its 41.4 million class A shares now the offering has closed.
Venture capital firm Highland Capital Partners now owns 14.4% of the company’s class A shares while T Rowe Price has 10.3%, Foundry Group 9.6%, BMW i Ventures 6.8% and Greenspring Associates 6.7%. Its pre-IPO investors also include Durable Capital Partners, ArrowMark Partners and Almaz Capital.
