Mynaric, a Germany-based maker of laser communications systems for government and commercial aerial and spaceborne applications, targeted to raise $75.9 million through an initial public offering of 4 million American depositary shares at a price of $16.50 apiece.
Mynaric said Friday it kicked off trading on the Nasdaq Global Select Market under the symbol “MYNA” and expects the IPO to close Tuesday, Nov. 16.
The offering includes a 30-day option for underwriters to buy up to 600,000 additional shares. The depositary shares represent 1 million ordinary shares of stock.
Mynaric will use the proceeds to broaden its product portfolio, increase serial production, invest in additional equipment for research and development and build up its sales and marketing initiatives.
Credit Suisse and Jefferies are serving as joint lead book-running managers for the IPO. Canaccord Genuity and Berenberg are acting as joint bookrunners, while Beech Hill Securities is serving as co-manager for the offering.