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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- FirstEnergy turns to dewatering to help solve waste issues at power plant
- Development Dimensions International leadership grooming business uses own practices
- Volkswagen to shift focus to electric, hybrid vehicles
- Starbucks tests delivery
- Southwest offers distance-based deals
- Top beer makers SABMiller, Anheuser Busch InBev to join forces to face industry challenges
- As deadline looms, Mylan pushes Perrigo shareholders to OK buyout offer
- Boatman: Be proactive in planning for retirement
- Pa., W.Va., Ohio to coordinate efforts to attract shale-related business
- Twitter to lay off 336 workers
- Further evidence of China weakness ends stock market’s win streak