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XJet to go public on NASDAQ via IPO

The Israeli company looks to raise $10 million win an initial offering of 2,000,000 shares

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Israel’s XJet, which develops advanced nanoparticle material jetting technology for 3D printing of metal and ceramic parts, is seeking to raise about between $8 and $12 million from an initial public offering (IPO) of 2,000,000 shares on the Nasdaq. Together with Velo3D, XJet is the first of a new generation of AM hardware companies to go public and also the first one to do so via a “standard” IPO in recent years.

The company founded by Hanan Gothait, who was also one of the co-founders of Objet Geometries (which merged with Stratasys), is going to offer shares at a price of $4 to $6 per share, according to the NASDAQ overview of the preliminary filing with the US Securities and Exchange Commission (SEC). At the midpoint of the proposed range, XJet would command a fully diluted market value of $99 million. The company booked $6 million in sales for the 12 months ended December 31, 2022.

The shares are expected to be traded on the Nasdaq Global Market under the symbol XJET in the coming weeks following the completion of the roadshow and the IPO process.

XJet to go public on NASDAQ via IPO after completing the preliminary filing and having been approved to be listed under the XJET ticker
Ceramic parts 3D printed by XJet using NPJ technology.

XJet has raised about $100 million to date and has built a workforce of about 100 people who were previously involved in the development of Objet’s PolyJet, Indigo’s ElectroInk, and HP Scitex’s wide-format inkjet technology. Its principal shareholders are Lucion, Alumot, ARCHina, and IBI Trust Management.

VoxelMatters was one of the very first AM industry media to visit the company’s HQ in Rehovot as early as 2015 and has witnessed the many and lengthy progresses that the company has made in bringing its advanced nanoparticle jetting technology to market. XJet’s goal is to enable highly automated workflows by using soluble support materials and water as a binder for the ceramic and metal nanoparticles, as they are deposited on a wide build platform.

XJet’s technology enables the production at scale of geometrically complex and high-quality end-use parts that are otherwise difficult or impossible to produce. The complete solution includes hardware, software, and consumable materials, and supports multiple industries and use cases. Such a solution enables automated, cost-effective, safe, and environmentally friendly manufacturing of parts.

XJet to go public on NASDAQ via IPO after completing the preliminary filing and having been approved to be listed under the XJET ticker
The XJet facility in Rehovot

“At XJet, we are strong believers in automation and digital manufacturing, and in particular increased transformation to additive manufacturing,” the company said in its official description on the NASDAQ portal. “Such transformation will enable businesses around the world to benefit from a wide range of complex geometry design possibilities, shorter lead times, lower inventory levels and increase cost efficiency in production. The global manufacturing market was estimated as a $16.05 trillion market in 2021, according to the World Development Indicators report from 2021, which we estimate as approximately 300 billion end-use parts. Most of the parts today are manufactured with traditional manufacturing processes such as machining, investment casting, and injection molding. The traditional manufacturing technologies have virtually not changed for decades, and require long sequential manufacturing steps and a need for special tooling, jigs, and set-ups. As a result, using traditional technologies to manufacture parts with complex designs often results in a prolonged time to market and additional labor and costs. Thus, part makers are limited in reacting to changes in demand volumes, disruptions in the supply chain or to changes in the design of the manufactured part.”

Although additive manufacturing solutions have generated high interest in various industries, such solutions have been only limitedly pursued beyond prototyping. XJet’s complete metal and ceramics additive manufacturing solutions looks to enable companies, across different industries, to overcome many of the challenges associated with manufacturing complex parts at scale. In recent years, the company focused on research and development and has assembled one of the most experienced teams in the additive manufacturing industry, with decades of experience working for global leaders in digital printing, additive manufacturing, and semiconductors equipment companies.


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Davide Sher

Since 2002, Davide has built up extensive experience as a technology journalist, market analyst and consultant for the additive manufacturing industry. Born in Milan, Italy, he spent 12 years in the United States, where he completed his studies at SUNY USB. As a journalist covering the tech and videogame industry for over 10 years, he began covering the AM industry in 2013, first as an international journalist and subsequently as a market analyst, focusing on the additive manufacturing industry and relative vertical markets. In 2016 he co-founded London-based VoxelMatters. Today the company publishes the leading news and insights websites VoxelMatters.com and Replicatore.it, as well as VoxelMatters Directory, the largest global directory of companies in the additive manufacturing industry.

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