Proto Labs IPO to raise up to $65 million

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MAPLE PLAIN, MINN. (Feb. 14, 3:25 p.m. ET) — Proto Labs Inc. plans to offer 4.3 million shares of common stock at a price between $13 and $15 per share in its initial public offering, according to recently updated registration statement with Securities and Exchange Commission.

According to the filing, the company plans to apply to the New York Stock Exchange for a listing under the ticker symbol PRLB. Jefferies & Co., Inc. and Piper Jaffray & Co. are acting as joint book-running managers for the offering.

Proto Labs said the money raised is intended for working capital and general corporate purposes. The offering is expected to raise between $56 million and $65 million.

Proto Labs describes itself as an online and technology enabled manufacturer of quick turned CNC machined and injection molded custom parts for prototyping and short-run production. The company said almost all of its business is conducted via the internet and it targets services to millions of product developers using three-dimensional CAD systems.

It has 511 employees and 2011 sales of $98.9 million. The company has manufacturing operations in Maple Plain, Minn.; Telford, England; and Ebina, Japan.

Proto Labs also disclosed that it has plans to expand in both the U.S. and Japan with key purchases in the fourth quarter of 2011.

The company spent $3.95 million to buy a property in Rosemount, Minn.; that includes 128,000 square feet of manufacturing and office space. It has about 170,000 square feet of space while currently occupying three buildings.

The company also said that it signed a lease for about 32,000 square feet of office and manufacturing space in Yamoto-shi, Kanagawa, Japan, and that it will be available in April 2012 when its current lease expires in Ebina. That is more than double the space of its current 14,000-square-foot facility.