AML3D completes ASX listing
A 3D metal printing company operating in Adelaide’s northern suburbs has lost ground on its first day of trade on the ASX.
SA Business
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3D metal printing company AML3D lost ground on its first day of trade on the ASX this afternoon following a $9 million IPO.
Shares in the Adelaide company closed at 15c, down from the 20c it offered investors as part of an oversubscribed IPO last month.
Backed by cornerstone institutional investor Perennial Value Management, which has taken a 5.3 per cent stake in the company, AML3D will use the funds to establish a manufacturing facility in Singapore.
It also plans to relocate from its Salisbury South manufacturing facility to an expanded site in Adelaide’s northern suburbs.
AML3D managing director Andrew Sales, who retains a 30 per cent stake in the company, said expansion across Asia remained the key focus.
“We are very excited about the potential our Singaporean customers present, providing a strong foundation for our upcoming Singaporean facility,” he said.
“Transforming to a publicly listed company signifies a momentous event for AML3D, facilitating the acceleration of our commercialisation pathway to meet the strong interest built in our technology established over the past twelve months.”
AML3D recently completed internal testing of a 3D printed “panama chock” for Singapore’s Keppel Corporation.
The 1.4 tonne structure, which is used to guide mooring ropes on ships and other marine vessels, is believed to be the heaviest 3D printed metal component ever manufactured.
Meanwhile aerospace and defence group Singapore Technologies Engineering has agreed to acquire AML3D’s flagship 3D printer, known as Arcemy, through a rent to buy agreement.
AML3D was established by Mr Sales in 2014 and is backed by a high-powered board chaired by Adelaide businessman Stephen Gerlach.
The company’s innovative manufacturing process combines welding, robotics, metallurgy and 3D computer-aided drawings to produce metal components and structures for the defence, maritime, aerospace and resources sectors.
The technology can be applied to all weldable metals, and delivers several benefits over casting, forging and other traditional fabrication methods, including improved strength and durability, and a reduction in lead times and waste.
Those benefits are expected to appeal to heavy industry, including in the aerospace, defence, resources and marine sectors.
AML3D has generated combined losses of $1.1 million in the past three financial years as it has continued to invest in development and commercialisation of its technology.
Global Asset Solutions, controlled by businessman Juhee Seo, retains a 5.3 per cent interest in the company.