Home-Eplus3D IPO Collapse: Growth Trajectory Meets Structural Headwinds
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Hangzhou-based metal 3D printing manufacturerEplus3Dhas withdrawn its application for an initial public offering on theShanghai Stock Exchange’sScience and Technology Innovation Board.
The SSE formally terminated its review after the company and its sponsor,CITIC Securities, jointly submitted the withdrawal request. No reason for the withdrawal was disclosed.
The planned offering had sought to raise RMB 1.2045 billion (approximately $176.6 million) through the issuance of up to 29.22 million new shares, representing no less than 25% of post-issuance total share capital. The collapse raises questions about what route to capital the company will take next, given the scale of the expansion plans the proceeds were intended to fund.
Now, these plans were specific. The four projects earmarked for the raise mapped onto the company’s two most exposed operational gaps: production capacity and global service reach.
They covered a metal 3D printing capacity expansion at the Beijing Yijia facility, an equipment industrialization project in Hangzhou, a new R&D center targeting the technical demands of large-size, thick-layer, and laser splicing technologies, and a technical service network to extend the company’s global after-sales footprint.
Without the capital, all four are on hold.
Strong Growth Despite Mounting Receivable Burdens
The financials in theJune 2025 prospectusshowed a company on an upward trajectory going into the listing. Operating revenue grew from RMB 247 million in 2022 to RMB 409 million in 2023, reaching RMB 471 million in 2024, a compound rate that cleared 38% over two years.
Source: 3D Printing Industry
