- Metal printing company 3D Metalforge (3MF) has raised $10 million in an initial public offering (IPO) to list on the ASX
- Under the IPO, the company issued shares to investors for 20 cents each
- Funds from the IPO will mainly be used to develop a production plant in Houston, Texas
- Notably, the Singapore-based company is hoping to establish a presence in the Australian mining sector
- 3MF is expecting to release a listing date soon
3D Metalforge (3MF) has raised $10 million in its initial public offering (IPO) to list on the ASX.
The metal printing technology company issued shares at 20 cents each to investors.
3MF shares were expected to begin trading on the stock exchange in early February. However, this date has been delayed, and the company is expected to release its listing date soon.
The company is developing intelligent technology and processes to integrate into additive manufacturing printers, software and material.
Why the ASX? the Singapore-based company is hoping to establish a presence in the Australian mining sector and build a sales and engineering hub in Perth, Western Australia.
Funds from the IPO will mainly be used to develop a production plant in Houston, Texas.
Additionally, the company is also aiming to expand its capacity at its additive manufacturing centre in Singapore by June.
3MF reported a revenue of S$1.3 million (A$1.2 million) in 2019. It currently generates revenue through the sale of products and services in Singapore and the U.S.
The company has a client base that includes multinational companies and government entities across a variety of sectors such as oil and gas, defence and marine industries.