Mayville Engineering prices $86.9 million stock offering at $20 per share

Mayville Engineering Company (NYSE: MEC) priced an underwritten public offering of 4,348,000 shares of common stock at $20 per share, according to a company statement. The offering will generate gross proceeds of approximately $86.9 million before deducting underwriting discounts, commissions and other expenses.

The company granted underwriters a 30-day option to purchase up to 652,000 additional shares at the public offering price, less underwriting discounts and commissions. The offering is expected to close on May 21, 2026, subject to customary closing conditions.

William Blair & Company and Craig-Hallum Capital Group serve as lead book-running managers for the offering, while Northland Securities acts as co-manager.

MEC plans to use net proceeds to reduce amounts outstanding under its senior secured revolving credit facility, fund capital expenditures in growth sectors, and support working capital and general corporate purposes. A portion of the expected debt repayment relates to amounts borrowed to complete the Accu-fab acquisition in July 2025.

The company's senior secured revolving credit facility matures on June 28, 2028, and carried an interest rate of 6.42% as of March 31, 2026.

The shares are offered under a shelf registration statement filed with the Securities and Exchange Commission on March 7, 2024, amended on May 8, 2024, and declared effective on May 20, 2024.

Founded in 1945, MEC operates as a manufacturing partner providing design, prototyping and production services across diverse end markets including commercial vehicles, construction equipment, powersports and agriculture. The company maintains 27 facilities, with 22 currently in use, across nine states.

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