Economics / Funding / Investing / Manufacturing

Xometry shares soar in $302M IPO

The Rockville-based manufacturing marketplace began trading at noon Wednesday at $44.00 per share, listed under the ticker XMTR. By the end of the day, the stock was up 98%.

Xometry CEO Randy Altschuler. (Courtesy photo)

A D.C.-area tech company made its debut as a public company on Wednesday.

Rockville, Maryland-based on-demand manufacturing marketplace Xometry officially began trading on the NASDAQ, and raised just over $300 million in the process.

Xometry is trading under the ticker XMTR, with an offering of 6.875 million shares of its Class A common stock.  The company, which began trading around noon, set the price at $44.00 per share. This is up from the $38.00-$42.00 range it had initially communicated in an amended filing with the U.S. Securities and Exchange Commission earlier this month.

The share price only went up from there. By the close of the market on Wednesday, shares had jumped up to $87.39 each, up 98% from the original price.

A spokesperson told that the good first afternoon on Wall Street “just speaks to the opportunity and the unique position of the company in the marketplace in terms of the problem that it’s solving.”

Xometry filed its registration for an IPO in early June, initially saying it expected to raise $100 million from the proposed IPO. According to that filing, the company generated $141.4 million in revenue in 2020, which is a year-over-year growth of 76%. In 2021, it generated $43.9 million in Q1, accounting for 65% growth. The amended filing estimated that the company would raise about $252.4 million.

With the $44 share price on its actual IPO, though, the company raised $302.5 million. When it was private, investors in the company included the Foundry Group, Highland Capital Partners and T. Rowe Price Associates, as well as BMW i Ventures, SICAV RAIF and Greenspring Associates.

With the funding, the filing states that the company is planning to offer additional products, continue international expansion and pursue acquisitions. Buyers on the Xometry marketplace include NASAModernaBMW and ABL Space Systems. In 2020, it introduced new financial services for the companies making parts on its marketplace.

“We plan to continue to market the Xometry Pay platform to U.S. sellers, enhance features that allow quicker conversion of purchase orders to cash and build toward a full-service digital wallet for sellers to use for payouts and purchases,” the initial filing reads.

Companies: Xometry

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