Monash University spin-off Amaero International (ASX: 3DA) has raised $8 million through a heavily oversubscribed initial public offering to list on the Australian Stock Exchange today in a bid to expand its operations.
The offering sought to raise a minimum $6 million before costs from the sale of up to 40 million new shares at $0.20 each.
Chairman David Hanna said funds raised will be put towards a growth strategy incorporating short, medium and longer-term market engagement opportunities.
“The proceeds of this offer will be applied to assist [execution of] our growth strategy, including the purchase of new 3D printers to capitalise on growth opportunities in Australia and North America, as well as research and development and working capital,” he said.
“Our immediate focus is on addressable commercial opportunities while ensuring we are well placed to assist current customers with future additive manufacturing platforms.”
Amaero was created in 2013 as the commercial arm of Monash’s Centre for Additive Manufacturing and has grown to become a specialist in the field.
Also known as 3D printing, additive manufacturing builds a three-dimensional object from a computer-aided design model, usually by successively adding material layer-by-later.
This is unlike conventional machining, casting and forging processes, where material is removed from a stock item (subtractive manufacturing) or poured into a mould and shaped by means of dies, presses and hammers.
Today Amaero uses 3D printers to manufacture large-format complex and bespoke components in metal for customers in North America, Europe, Asia and Australia, with all production and development completed locally using state-of-the-art technology.
The company focuses on the aerospace and defence sectors, where the demands for manufacturing requirements and standards of quality are extremely high.
Current clients include Boeing, Raytheon and Thales Group.
Amaero also has access to facilities in Adelaide and Los Angeles, keeping it well positioned to provide 3D printing services to a global customer base.
The Melbourne-based company recently sealed a deal allowing it to distribute the world’s fastest laser-based, power bed 3D printer to US customers.
Mr Hanna said Amaero would continue its collaboration with Monash University, whereby each party provides services to the other such as access to 3D printers and related equipment, access to specialised personnel and licences to intellectual property.
The company has also entered into a collaboration agreement with the University of Adelaide on a range of activities to develop an additive manufacturing capability in South Australia.