Business

Xometry seeks to go public on the NASDAQ Global Select Market

Global manufacturing marketplace Xometry has revealed plans to go public on the NASDAQ Global Select Market. 

The company has filed a registration statement with the US Securities and Exchange Commission (SEC) regarding a proposed initial public offering (IPO) of its Class A common stock.

While the number of shares to be offered and the value of the proposed offering are yet to be determined, Xometry intends to be listed on the NASDAQ Global Select Market under the ticker symbol “XMTR”.

Xometry has filed a registration statement for a proposed IPO. Photo via Xometry.
Xometry has filed a registration statement for a proposed IPO. Photo via Xometry.

Xometry’s 3D printing rise

Xometry provides a range of 3D printing, CNC machining, injection molding, and design services through its manufacturing network. Since its founding in 2013, the company has rapidly expanded its online marketplace with a series of substantial investments that now total $193 million

Xometry’s various funding rounds have attracted the participation of the likes of BMW i Ventures, Dell Technologies Capital, GE Ventures, and Robert Bosch Venture Capital, among other notable names. 

In 2018, Xometry introduced its SLA 3D printing service and launched a new high-definition version of its proprietary instant quoting engine. The firm has since continued to grow its marketplace through the addition of ExOne’s binder jetting services and a recently announced partnership with on demand 3D printing service Stratasys Direct Manufacturing.

In November last year, Xometry was ranked 126th on accounting organization Deloitte’s Technology Fast 500 list in North America, as a result of its 949 percent growth between 2016-2019.

The deal between ExOne and Xometry will see ExOne become the exclusive provider of binder jetting service within Xometry’s RFQ marketplace. Photo via ExOne.
The deal between ExOne and Xometry will see ExOne become the exclusive provider of binder jetting service within Xometry’s RFQ marketplace. Photo via ExOne.

Xometry’s proposed IPO

Xometry has filed a registration statement on Form S-1, an SEC filing used by companies planning on going public to register their securities, for a proposed IPO that could see it listed on the NASDAQ Global Select Market under the symbol “XMTR”. 

The number of shares to be offered and the value of the IPO has not yet been disclosed, and the proposed offering will be made by means of a prospectus. When they become available, copies of the prospectus can be obtained from Goldman Sachs & Co, which is acting as joint lead book-running manager and underwriters representative for the proposed IPO alongside JP Morgan and UBS Investment Bank.

Citigroup, BofA Securities, William Blair, and RBC Capital Markets will also act as book-running managers.

The registration statement on Form S-1 has been filed with the SEC but is yet to become effective, and Xometry has not provided further details on when this may happen.

3D printed plastic parts from Xometry. Photo via Xometry.

Xometry is the latest in a string of 3D printing companies to have recently made the move to go public with their additive manufacturing businesses. However, the move differs slightly from the recent trend of SPAC mergers being used to achieve these means, with transactions of this nature amounting to $11 billion in the first quarter of 2021 alone. 

Merging with an already-listed SPAC (special purpose acquisition company) can provide companies with a faster means of going public than is possible with traditional IPOs. 

Those who have taken advantage of this method to go public include Desktop Metal, who was early to the SPAC boom in December last year, and the likes of Rocket Lab, VELO3D, Markforged, and Redwire, who have all engaged in their own SPAC deals to go public and raise investment in recent months.

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Featured image shows Xometry has filed a registration statement for a proposed IPO. Photo via Xometry.

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