French 3D printing company Prodways has reported successful listing on the Euronext Paris stock exchange.
The company, which is a subsidiary of Groupe Gorgé, announced earlier in the year that it would be launched on the stock exchange through an initial public offering (IPO).
Upon its listing, Groupe Gorgé remains the majority shareholder with 67.38% of Prodways’ shares and price per share at the beginning of trading was €4.80. Prodways explains the shares offering was oversubscribed by nearly 6 times with the market capitalization at around €232 million on the day of listing.
Successful launch with IPO
Prodways reports it has raised €50.7 million as a result of the IPO, which included full exercise of the Extension Clause and before exercising the over-allotment option. This amount correlates to 10,570,192 shares allocated and according to Prodways, funding may raise to €66.0 million if the Over-allotment Option is exercised.
Raphaël Gorgé, Chairman and CEO at Prodways explained the company now has “the financial means to accelerate our R&D investments and business development, as well as to finance our targeted acquisitions in the 3D printing sector.” Gorgé went on to explain,
Prodways has all of the necessary attributes to continue its growth trajectory. Already uniquely positioned as an integrated European player, our ambition is now to see our Company become a global leader in industrial 3D printing.
Prodways develops several 3D printers including its unique digital light processing (DLP) technology. Known as MOVINGLight, Prodways’ DLP printers use moving UV rays to cure the printed objects. The technology has particular application for dentistry and Prodways demonstrated this at the International Dental Show (IDS) in Cologne this year.
French aircraft manufacturing company Safran, who teamed up with GE for the 3D printed LEAP engine components, also recently acquired shares in Prodways prior to the company’s public listing. Safran will look to develop new materials for use with Prodways’ additive manufacturing systems.
The 3D Printing Industry Awards are taking place this month in London and there is still time to place your votes to decide the winners.
Featured image shows the Prodways subsidiary of Groupe Gorgé. Image via Prodways.