This morning the Materialise IPO (MTLS) was priced at $12.00/share and trading will begin today.
Per the updated prospectus filed June 12, the company will have 47,072,056 ordinary shares at the start of trading.
CEO Wilfried Vancraen, Chief Executive Officer of Materialise, will ring the opening bell for the NASDAQ this morning.
Investors should not expect a repeat of last year’s voxeljet IPO, which jumped over 120% in the first day of trading during a period when 3D printing stocks had gotten well ahead of their supporting fundamentals in their valuations.
And while I’m a 3D printing industry and 3D printing stock bull, this is a company I have decided to sit out on when trading begins.
Revenue growth from 2012-2013 was an unimpressive 18% and 2013 net income was a mere $4.7 million (or .10/share when fully diluted) for a trailing PE of 120.
Q1 2014 bottom line was break even.
2013 full year and Q1 2014 financials: click to enlarge
I could be wrong, and initial trading could be very positive for MTLS shares.
Given the fact that it is one of only three pure play 3D printing stocks that have positive EPS for the trailing twelve month period (the other two being 3D Systems (DDD), and Arcam AB (AMAVF), shares could rally to close above $20/share on day one… but… I doubt it.
Gary Anderson…..Follow me on Twitter: @3DPrintingStock
Disclosure: No position.
Disclaimer: Opinions expressed are my own and should not be considered investment advice nor an invitation to buy or sell shares of any company mentioned on this site. See sidebar for full disclaimer.
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