Xometry, which operates an online marketplace for on-demand manufacturing, announced terms for its IPO on Monday.
The Derwood, MD-based company plans to raise $275 million by offering 6.9 million shares at a price range of $38 to $42. Insider T. Rowe Price and new investor Capital World Investors have indicated an interest in purchasing an aggregate of up to $70 million (25%) worth of shares on the deal. At the midpoint of the proposed range, Xometry would command a fully diluted market value of $1.9 billion.
Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing, enabling buyers to efficiently source on-demand manufactured parts and assemblies, and empowering sellers of manufacturing services to grow their businesses. Its buyers include engineers, product designers, procurement and supply chain personnel, inventors, and business owners from businesses of a variety of sizes, ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.
Xometry was founded in 2013 and booked $159 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol XMTR. Goldman Sachs, J.P. Morgan, UBS Investment Bank, Citi, BofA Securities, William Blair, and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of June 28, 2021.
