The company sold 6.7 million shares at $12.50 per share, reflecting a market cap of $440 million.
Automated inspection equipment maker Orbotech Ltd. (Nasdaq: ORBK) yesterday raised a gross $83.75 million in a secondary offering on Nasdaq. The company sold 6.7 million shares at $12.50 per share, reflecting a market cap of $440 million. The company will use the proceeds for general corporate purposes.
The underwriters - led by JP Morgan Securities LLC and Barclays Capital Inc. - have a 30-day over-allotments option to buy up to 1,005,000 additional shares. If exercised, this will increase the gross amount raised by $12.5 million to $96.25 million.
Orbotech posted $134 million revenue for the first quarter, up 34% on the corresponding quarter of 2010, and non-GAAP net profit rose 79% to $15.2 million. The company raised its full-year revenue guidance to $550-580 million.
Orbotech's share price rose 1.5% yesterday to $12.89, giving a market cap of $452 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 25, 2011
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