Bruker Corp. (NSDQ:BRKR) registered for an initial public offering for its energy and superconducting subsidiary, Bruker Energy & Supercon Technologies Inc
The Billerica, Mass.-based laboratory equipment maker said it hasn’t determined how many shares it will offer or their price, but said it intends to "retain a controlling equity interest in BEST for the foreseeable future," according to a press release.
Jefferies & Company Inc. and UBS Investment Bank are acting as joint book-running managers for the offering, according to the press release, with Needham & Company LLC acting as lead manager and Gleacher & Company Securities Inc. is acting as co-manager.
Bruker created the BEST subsidiary last year, tapping a trio of new directors in October 2009, saying it planned to spin it out as a separate entity. It built up the business with its April 2009 acquisition of Accel Instruments GmbH from Varian Medical Systems Inc. (NYSE:VAR), according to the SEC filing.
"We have experienced substantial bookings growth in this business since its acquisition, and it has contributed significantly to the increase in our revenue and backlog," according to the filing.
The BEST business posted sales of $60.1 million last year, up 36 percent compared with $44.2 million during 2008, according to the filing.