GROUPE GORGE plans to launch an initial public offering (IPO) on its 3D printing division, PRODWAYS GROUP to take it to what it describes as “the second phase of growth”.
Subject to market conditions, GROUPE GORGE plans to launch the IPO this year on Euronext Paris. The company intends to remain the largest long-term shareholder and the initial offering will take the form of a capital increase to raise funding to step up the expansion of its 3D printing business.
PRODWAYS, a manufacturer of industrial 3D printing solutions based on its DLP MOVINGLight technology, saw its revenue rise from €0.1 million in 2013 to more than €25 million in 2016. The group credits the vigorous growth to “a strategy combining organic growth, sustained by substantial capital expenditure, and targeted acquisitions in the B2B 3D printing segment”.
Since its inception, the company has launched two major machine lines including its MOVINGLight ProMaker series and ProMaker P laser sintering series in partnership with Hunan Farsoon. It has also established several partnerships with key industry figures including DSM Somos and Arkema, and setup its own dedicated Aerospace Division for additive manufacturing.
The PRODWAYS business is made up of two divisions, 'SYSTEMS' and 'PRODUCTS'. SYSTEMS focuses on machines and materials and amassed €13.1 million in 2016 revenue, with 90% from the international market. The PRODUCTS sector covers part manufacture on request and industry applications which resulted in €12.1 million in revenue in the same period.
According to the Wohler’s Report, the industrial 3D printing market is expected to grow 31% per year in the period 2015-2021. Excluding major acquisitions, PRODWAYS expects its growth to reach at least 4 percentage points higher than the market by 2019. The company aims to achieve break-even in Q4 2017, with an EBITDA margin in the double digits by 2019.
