Metal Additive Manufacturing provider 3D Metalforge, with offices in Singapore, USA and Australia, has commenced trading on the Australian Securities Exchange (ASX) following an Initial Public Offering (IPO). The company raised AUD$10 million before costs, with strong support received from investors.
A total of 50,000,000 fully paid ordinary shares at $0.20 per share were issued under the IPO and 3D Metalforge listed with an initial market capitalisation of $38 million. Alto Capital acted as Lead Manager to the IPO.
Funds from the IPO will be directed towards revenue growth-initiatives, which include increasing production capacity at the company’s Singapore facility, and opening a new production centre in Houston, USA. Following the ASX listing, 3D Metalforge also plans to upgrade its Perth office and pursue opportunities in the Australian energy, resources, industrial and defence sectors.
Founded in 2015, 3D Metalforge uses proprietary technology and processes to offer a full range of in-house Additive Manufacturing services from design and engineering, material advisory, diagnostics and testing to building and post production.
A part is said to be additively manufactured every eight minutes in the company’s Singaporean facility, supporting a growing-blue chip client base across the energy, maritime, defence and manufacturing sectors. 3D Metalforge has already generated revenue of AUD$1.3 million in 2019, providing a strong underlying commercial foundation for the business, with the scope to scale growth.
Matthew Waterhouse, 3D Metalforge CEO, commented, “We are excited about becoming a listed company and welcome our new shareholders and thank them for the high level of interest and support. We now have a robust capital base to execute our expansion plans and are listing at a time when strong industry tailwinds are driving growth and innovation across the Additive Manufacturing sector.”