May 17, 2017 | By Tess

Prodways Group (PWG), the France-based industrial 3D printing company, has announced that its recent IPO listing was a huge success. The company, which recently went public on the Euronext Paris securities exchange, reportedly raised €50.7 million after the full exercise of the Extension Clause and before the exercise of the Over-allotment Option. The amount has the potential of raising up to €66 million if the Over-allotment Option is exercised.

According to a Prodways press release from the day before the May 12 listing, the IPO price was set at €4.80 per share, on the higher end of the indicative price range. To the company’s pleasure, the IPO initial offer was oversubscribed by almost six times and saw a market capitalization of around €232 million on the day of listing.

Groupe Gorgé, Prodways’ parent company, has remained the majority share holder of the 3D printing company, retaining 67.38% of shares. Before the exercise of the Olver-allotment Option, a total of 10,570,192 shares were made available.

Raphaël Gorgé, Chairman and Chief Executive Officer of Prodways, said: “We are delighted with the very high level of investor interest, both in France and outside of France, and the outstanding success of our IPO, and would like to warmly thank all the investors who have joined us.”

“We now have 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. We will continue to seek out performing companies offering high added value, be it in terms of their complementary technologies or because they will allow us to make inroads into new markets.”

In being listed on Euronext Paris, Prodways Group has joined some 330 technology companies that are listed on the Euronext market. Impressively, the company’s listing broke participation records for small and mid-cap companies. The company drew particular attention from retail investors, who reportedly invested about €51 million into the company.

Raphaël Gorgé, Chairman and Chief Executive Officer of Prodways

Prodways Group, known for its 3D printing solutions—including its materials, ProMaker 3D printers, and MOVINGLight DLP 3D printing technology—also recently signed an agreement with French aircraft engineering company Safran, through which the latter acquired a stake in the former.

“Prodways has all of the necessary attributes to continue its growth trajectory," concluded Raphaël Gorgé. "Already uniquely positioned as an integrated European player, our ambition is now to see our Company become a global leader in industrial 3D printing.”

 

 

Posted in 3D Printer Company

 

 

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