Israeli company Kornit Digital filed yesterday with the US Securities and Exchange Commission (SEC) to raise up to $100 million in an initial public offering at a company value of up to $500 million.
Based in Rosh Ha'ayin, and founded 13 years ago, Kornit develops, designs and markets innovative digital printing solutions for the global printed textile industry.
Fortissimo Capital acquired control of Kornit in the summer of 2011 for just $16 million after the company's planned IPO on the Tel Aviv Stock exchange had failed the previous year.
The company said that the number of shares to be offered and the price range for the proposed offering have not yet been determined. Kornit has applied to list its ordinary shares on the Nasdaq Global Market under the ticker symbol "KRNT." 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, Incorporated, Canaccord Genuity Inc. and Needham & Company, LLC are acting as co-managers in the offering.
Kornit's solution includes its proprietary digital printing systems, ink and other consumables, associated software and value added services. Kornit's vision is to revolutionize the textile industry by facilitating the transition from analog processes that have not evolved for decades to digital methods of production that address contemporary supply, demand and environmental dynamics. Kornit is a global company headquartered in Israel but with US offices in Mequon, Wisconsin and additional sales, support and marketing offices in Germany and Hong Kong.
Published by Globes [online], Israel business news - www.globes-online.com - on February 26, 2015
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