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Kornit Digital prices NASDAQ IPO debut at $13-15 a share
21
Mar '15
In a NASDAQ filing, developer and marketer of digital textile printing machines, Kornit Digital, is offering 7.1 million shares at $13-15, a piece for its upcoming initial public offering (IPO).

At this pricing range, Kornit will be able to garner between $92.3-106.5 million at a valuation of between $373-431 million.

Kornit has applied to list its ordinary shares on the Nasdaq Global Market under the ticker symbol ‘KRNT’.

Earlier on February 25, Kornit had filed a registration statement on Form F-1 with the US Securities and Exchange Commission (SEC) relating to the IPO of its ordinary shares.

Kornit develops, designs and markets innovative digital printing solutions for the global printed textile industry.

Kornit's vision is to revolutionise the textile industry by facilitating the transition from analog processes that have not evolved for decades to digital methods of production.

It is a global company headquartered in Rosh-Ha`Ayin, Israel, with US offices in Mequon, Wisconsin and additional sales, support and marketing offices in Germany and Hong Kong.

As per the prospectus and according to Kornit, most of the 33 billion square metres of textile fabrics printed in the current year will be printed using analog technology, with only 2 per cent printed digitally.

However, Kornit expects that this niche printing segment is projected to grow by an annual average of 20 per cent in the medium and long term.

Barclays Capital Inc. and Citigroup Global Markets Inc. are acting as joint book-running managers and as representatives of the underwriters in the offering.

William Blair & Company, L.L.C., Stifel, Nicolaus & Company, Inc, Canaccord Genuity Inc. and Needham & Company, LLC are acting as co-managers in the offering. (AR)

Fibre2fashion News Desk - India

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