Important events
Jul 022021
Xometry loses early gains
Xometry was among the leaders of the IPO pack on Wednesday, gaining 64% in its first day of trading. Alas, the 3D printing company lost 25% of those gains on Thursday to head up TradingView’s top losers for the day.Global manufacturing marketplace Xometry made a grand entrance onto the market on Wednesday, a blockbuster day for tech listings on Wall Street, with the likes of Chinese ride-sharing giant Didi and and software company SentinelOne also bursting onto the scene. Xometry made its own splash with some of the most impressive gains of the day, reaching highs of just under $100 from an initial pricing of $44.
The manufacturing company has been offering a bunch of 3D printing and design services since it was first established in 2013, and since then it has accelerated growth through backing from various venture capital companies like GE ventures, BMW i Ventures and Highland Capital Partners, expanding into Europe and making a couple of high profile acquisitions. Deloitte credited the company with having grown 949% between 2016 and 2019 after it was selected for its Technology Fast 500 list.
The AI-driven platform priced its initial public offering at $44 per share, above the initial proposed range of $38 to $42, and sold 6.9 million shares to raise $303.6 million. Shares gained over 120% from that price on Wednesday, opening at $68 and seeing highs of just under $100 before settling to close up 28% from its opening price, and leaving the company with a market cap of around $3.9 billion.
Alas, looks like the bump might have been a one day wonder, as stock sunk back to below its opening price yesterday and closed the day down at $65.23.
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