Kornit Digital underwriters exercise options

Ronen Samuel Photo: PR

This brings the total raised in the Israeli textile printing solutions company's offering to $137.3 million.

The underwriters of the public offering by Kornit Digital Ltd. (KRNT) have exercised their options to buy 651,000 shares at the offering price of $27.50 per share, adding $17.9 million to the amount raised and bringing the total to $137.3 million. , In total, the public offering size was 4,991,000 ordinary shares and the gross proceeds were approximately $137.3 million, before deducting underwriting discounts and offering expenses. Kornit issued nearly 5 million new shares, representing about 12% of its share capital after the offering. Citigroup, Goldman Sachs & Co. LLC and Barclays acted as bookrunners and as representatives of the underwriters, and Needham, Stifel, William Blair and Craig Hallum acted as co-managers in the offering.

Kornit has a market cap of $1.1 billion. It had $124 million cash at the end of the first quarter.

Kornit, which provides digital printing solutions for the printed textile industry, says it intends to use the proceeds from the offering for future potential acquisitions, including complementary businesses, technologies or assets, and for general corporate purposes, including working capital and capital expenditures. Kornit says it has no agreements or understandings with respect to any acquisition or investment at this time, but its CEO, Ronen Samuel, told "Globes earlier this week that the company had identified several interesting potential acquisitions. He also said that there had been lively interest in the offering on the part of both existing and new investors in Israel.

Kornit's share price has risen about 50% so far this year. A few months ago it set an ambitious target of annual sales of $500 million within five years, which compares with $142 million in 2018.

Published by Globes, Israel business news - en.globes.co.il - on June 20, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Ronen Samuel Photo: PR
Ronen Samuel Photo: PR
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