IPG Photonics raises $144.7 million from public stock offering
Oxford, MA--Fiber-laser manufacturer IPG Photonics Corporation (Nasdaq: IPGP) has sold 2,800,000 shares of its common stock in a public offering intended to raise money for general corporate purposes and to fund capital expenditures and working capital requirements. IPG Photonics might also use some of the money for acquisitions of complementary businesses and technologies (although no such acquisitions are currently pending). The price per share in the public offering was $54.30. IPG Announced the pricing of the public stock offering on March 1 and closed the offering on March 7.
In the same offering, the chairman and chief executive officer of IPG Photonics, Valentin Gapontsev, sold 200,000 shares of IPG Photonics stock. The company did not receive any proceeds from the sale of shares in the offering by Gapontsev.
John Wallace | Senior Technical Editor (1998-2022)
John Wallace was with Laser Focus World for nearly 25 years, retiring in late June 2022. He obtained a bachelor's degree in mechanical engineering and physics at Rutgers University and a master's in optical engineering at the University of Rochester. Before becoming an editor, John worked as an engineer at RCA, Exxon, Eastman Kodak, and GCA Corporation.