SLM says shares for IPO placed with investors at 18 euros each

FRANKFURT Thu May 8, 2014 4:47pm EDT

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FRANKFURT (Reuters) - German 3D printer maker SLM Solutions (AM3D.DE) on Thursday said it had successfully placed 10 million shares at a price of 18 euros a piece, corresponding to a volume of 180 million euros, which is at the lower end of an expected range.

Reuters earlier reported that shares in SLM will likely be sold at the lower end of the price range of 18-23 euros.

The first day of trading is set for Friday May 9, the company said on Thursday.

Around 75 million euros worth of the proceeds will be used to invest in growth strategy including in building a sales and service network, Chief Executive Markus Reichlin said in a statement.

(Reporting by Edward Taylor; editing by Andrew Roche)