PMFG, Inc. raised $47.8 million in its follow-on offering at $16.00 per share. Needham acted a co-manager on the transaction. The Company’s underwriters fully exercised their option to purchase an additional 390,000 shares of common stock at the follow-on offering price to cover over-allotments. PMFG, Inc. intends to use the net proceeds from the offering to repay all of its outstanding borrowings under its senior term loan and for general corporate purposes, including international expansion and strategic acquisitions.
PMFG, Inc. (NASDAQ: PMFG) is a leading provider of custom engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. The Company primarily serves the markets for natural gas infrastructure, power generation and refining and petrochemical processing. Headquartered in Dallas, Texas, they market their systems and products worldwide.