Proto Labs, the online enabled quick-turn manufacturer of custom parts for prototyping and short-run production is Minnesota’s first IPO of 2012.
Approximately $68m raised through 4,300,000 shares of common stock priced at $16.00 per share are expected to begin trading on the NYSE tomorrow under the ticker symbol “PRLB.”
Proto Labs increased earnings by 63 percent in 2011 to $18 million on revenue that rose 52 percent to $99 million, according to SEC filing — a record year for the Maple Plain-based firm that employs 511 and sells product in 50 countries.
The company recently acquired a 128,000-square-foot office and manufacturing facility in Rosemount, in addition to their 170,000-square-foot campus in Maple Plain. Founded in 1999 by Larry Lukis (36%), other notable shareholders include North Bridge Growth Equity (32%) and CEO Brad Cleveland (8%).