3-D printer maker ExOne's stock jumps 47% after stock offering
Shares of 3-D printer maker ExOne Co. surged 47 percent Thursday in their first day of trading as the company raised $95 million that it plans to use to expand its business and to repay debt.
The North Huntingdon-based company's initial public stock offering included 5 million shares of common stock plus 300,000 common shares from Rockwell Holdings Inc., an affiliate of ExOne CEO S. Kent Rockwell.
The stock, which was offered at $18 a share under the symbol XONE, closed at $26.52 on the Nasdaq Global Market. Based on its outstanding shares of 12.8 million, the offering performance gave the company a market value of $339.4 million.
ExOne makes three-dimensional printing machines and related products for additive manufacturing. That technology deposits thin layers of a material atop one another using a digital blueprint, to produce a precise component or product while using less energy than traditional manufacturing.
The company had said it plans to use the money that was raised in the stock market to upgrade machines, expand the number of raw materials it uses to make products, add locations and repay debt.
ExOne was founded in 2003 as part of Extrude Hone Corp., which now is part of Kennametal Inc.
In 2007, Rockwell acquired the company, which has 126 employees at five U.S. locations and serves customers in the aerospace, automotive and other industries. Rockwell is an industrialist, and a grandson of the founder of Rockwell International Inc. He served on Rockwell International's board from 1973 to 1983.
ExOne had revenue of $15.3 million in 2011 and recorded a loss of $8.1 million in 2011. It has operations in Michigan, Texas, Germany and Japan.
Kim Leonard is a staff writer for Trib Total Media. She can be reached at 412-380-5606 or email@example.com.