Xometry, a US-headquartered manufacturing services marketplace backed by carmaker BMW, computing technology producer Dell and industrial technology provider Robert Bosch, will raise over $302m when it goes public today.
The company is issuing nearly 6.9 million shares on the Nasdaq Global Select Market priced at $44.00 each, above the $38 to $42 range it had set for the initial public offering. The share price values it at almost $1.9bn.
Funds and accounts advised by investment manager T Rowe Price had expressed interest in buying up to $40m in shares in the IPO while one or more funds advised by Capital World Investors had done the same for $30m of shares. Neither has confirmed such an investment.
Founded in 2013, Xometry operates an online marketplace where businesses can purchase custom manufactured parts and assemblies from a range of sellers. It generated $141m in revenue in 2020 while booking a $31m net loss, and had raised $193m pre-IPO.
Automotive manufacturer BMW’s strategic investment arm, BMW i Ventures, led a $15m round for Xometry in 2017, investing alongside existing backers GE Ventures – the now defunct corporate venturing arm of industrial technology producer General Electric – and Highland Capital Partners.
The company added $25m in a 2018 round led by venture capital firm Foundry Group that also featured BMW i Ventures, GE Ventures, Highland Capital, Almaz Capital and Maryland Venture Fund.
Xometry then closed a $55m series D round in mid-2019 featuring all its existing investors as well as Robert Bosch’s corporate VC unit, Robert Bosch Venture Capital (RBVC), Dell subsidiary Dell Technologies Capital and Greenspring Associates, which invested $25m to lead the round’s $50m first tranche.
Fund sand accounts advised by T Rowe Price led a $75m round for the company in September 2020 that included BMW i Ventures, Dell Technologies Capital, RBVC, Durable Capital Partners, ArrowMark Partners, Greenspring Associates, Foundry Group, Highland Capital and Almaz Capital.
BMW i Ventures owns a 6.6% stake in Xometry, diluted from 6.9%. Its other notable investors are Highland Capital (a 13.9% stake post-IPO), T Rowe Price (9.9%), Foundry Group (9.2%) and Greenspring Associates (6.4%).
Goldman Sachs, JP Morgan and UBS Investment Bank are joint lead book-running managers for the IPO while Citigroup, BofA Securities, William Blair and RBC Capital Markets are book-running managers and CL King & Associates and Loop Capital Markets co-managers.
The underwriters have 30 days to take up an option to purchase just over 1.03 million additional shares, which would lift the size of the offering to approximately $348m.
