Belgium's Materialise falls on first day of trading
BRUSSELS, June 25
BRUSSELS, June 25 (Reuters) - Belgium's Materialise , which provides 3D printing software to industrial manufacturers and medical equipment makers, made a shaky Nasdaq debut on Wednesday, with its shares falling as much as 7.8 percent in early trade.
Materialise raised $96 million with the sales of 8 million American Depositary Shares (ADR) in the initial public offering (IPO) and some of its venture capital shareholders may sell an additional 1.2 million shares at the offer price of $12.
Shares opened at $12, only to drop shortly afterwards. At 1545 GMT, they were trading down 2.9 percent.
Technology for 3D printing, used to create solid objects from a digital model by laying down successive thin layers of material, has been around for more than 25 years but has only recently caught the public eye.
Materialise, which says more than 80 percent of professional 3D printing users have installed its software, will use the proceeds of the IPO to invest in its core business, its chief executive told Reuters.
"There is tremendous growth in the industry at the moment," CEO Wilfried Vancraen said.
Piper Jaffray and Credit Suisse were joint book-running managers, while BB&T Capital Markets, Janney Montgomery Scott, Stephens and KBC Securities were co-managers.
(Reporting by Robert-Jan Bartunek, editing by David Evans)