A maker of 3D printing machines, The ExOne Co. (NASDAQ: XONE), held its initial public offering (IPO) today. The shares were offered at $18 and climbed 45% before pulling back a bit in the late morning. The company sold 5.3 million shares, including 300,000 on behalf of the company’s CEO. Underwriters have a 30-day option for an additional 433,333 shares of ExOne stock and 311,667 shares from the CEO holdings.
The relatively new field of 3D printing generated one stock that boomed in the last 12 months, 3D Systems Corp. (NYSE: DDD), which rose nearly 300%. ExOne is hoping to duplicate that success, and judging by today’s IPO, many investors believe that the company may well make the grade.
Net proceeds of around $77.6 million will be used to repay a revolving credit line of $9.8 million, to purchase $3 million of related businesses, and “ to invest in further improving the efficiency and capacity of our machines and expanding the number of materials from which we can make products, to increase the number of locations of our PSCs and for working capital and other general corporate purposes.”
Shares are trading currently at $25.29, up 40.5% from the IPO price.