3D printer Titomic is up more than 150pc since joining the ASX on Thursday
Link copied to
3D printer Titomic enjoyed a huge debut on the ASX Thursday as its shares surged to 45c — more than double the 20c offer price.
Titomic (ASX:TTT) raised $6.5 million in an IPO to fund construction of one of the world’s biggest 3D metal printers in Melbourne and to further develop its “game-changing” manufacturing technology.
In early trade on Friday morning, Titomic shares had gained another 14 per cent to 51.5c — giving investors a 157 per cent premium on the 20c issue price.
“We couldn’t ask for a better start,” chief Jeff Lang told Stockhead after the float on Thursday.
“I think our strength has been a combination of the solid CSIRO technology that we have been able to patent and the fact that the additive manufacturing market is really picking up speed… but the hard work starts now.”
Titomic uses a 3D metal-printing technology co-developed with CSIRO that can manufacture complex parts without shape or size constraints — up to 30 times faster than conventional hardware.
The specialist manufacturer will use float proceeds to build one of the world’s biggest 3D metal printers in Melbourne.
The plant can print a titanium bicycle in 25 minutes using the same “Cold Spray” technique the US military uses to repair Blackhawk helicopters. The technology sprays metal powder at a super high velocity to create objects from bicycles to aircraft fuselage.
Mr Lang said Titomic had received strong interest overseas and locally and expected to have the first plant in operation early next year.