NEW YORK, Dec. 14 — X-ray system developer Bruker AXS earned $53 million after filing an initial public offering on Friday that let loose 9 million shares of common stock at a cost of $6.50 apiece, the company announced on Friday. Shares of the Madison, Wis.-based firm began trading on the Nasdaq on Friday under the ticker symbol BAXS, trading at $6.75 just after 11:00 a.m.
The company said it plans to use the proceeds for general purposes, including R&D, expanding sales and marketing, strategic acquisitions, general expansion, and debt repayment.
The two main underwriters were UBS Warburg and Thomas Weisel Partners. CIBC World Markets, SG Cowen, and Robert W. Baird & Co. were co-managers.
Bruker AXS develops and sells advanced systems for crystallography, X-ray diffraction, and X-ray fluorescence. It has development partnerships with GeneFormatics and an equity stake in Integrative Proteomics, and acquired the X-ray crystallography division of Delft Instruments in March.