South Australian additive manufacturer AML3D lags on ASX debut, but has big plans for expansion in Asia
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The additive manufacturing sector on the ASX gained another member today in Adelaide-based AML3D (ASX:AL3).
The company raised $9m at 20c per share back in February but only made its debut today following a dour few weeks on the markets that left potential listees wary of going ahead with a listing.
AML3D entered the bourse at 11am and began listed life on a dour note, falling to 14c.
This listing was only the second in nearly two months following the entry of HIV & COVID-19 test kit maker Atomo Diagnostics (ASX:AT1) to the bourse last week, with the company experiencing a far more successful first day after it more than doubled on debut.
Managing director Andrew Sales, who founded the company in 2014, said being listed was a momentous event for his company.
AML3D specialises in a process called Wire Additive Manufacturing (WAM). This is a form of 3D printing that involves making a solid object from a digital file. The process combines welding, robotics, metallurgy and software.
“We are confident our positive momentum will continue as we remain focused on delivering a customer value proposition through the rapid build and deployment of large-scale 3D printed metal components,” Sales said.
Like other additive manufacturers, AML3D had to put in place new measures to ensure it adheres to social distancing laws, but says demand remains solid for its products.
With the IPO proceeds it hopes to establish a second manufacturing centre in Singapore targeting major industrial clients in Singapore and surrounding countries.
AML3D’s existing clients include ship repairer Keppel Corporation and engineering group Singapore Technologies Engineering.