Moldflow Inc. officially became a public company at noon March 28, launching an initial public offering on Nasdaq. The Lexington, Mass., company makes software for computer-aided engineering and design that simulates how plastic flows into an injection mold.
Moldflow offered 3 million shares at a starting price of $13 per share. After expenses, the IPO was expected to raise $34.8 million, which the company will use to fund the pending acquisition of competitor C-Mold, and for general purposes including working capital, capital expenditures and future acquisitions.
In first-day trading March 28, Moldflow's stock initially rose to $17.25, then retreated to about $14.50 for most of the afternoon before closing at $15.25.
Moldflow has a total of 9,081,496 outstanding shares, according to an amended prospectus filed March 24.
That number excludes 599,900 shares that are issuable upon the exercise of stock options.
The prospectus predicted that at the IPO's close, venture capital firm Ampersand Ventures would own about 45 percent of outstanding common stock. Ampersand bought into Moldflow in 1995.
Moldflow is trading under the Nasdaq symbol MFLO.