SARASOTA — In one of Southwest Florida's biggest stock sales, Sun Hydraulics Corp. raised $253 million in its recently completed public offering.

The manufacturing company upped the offering from the original 4 million shares to 4.4 million shares of common stock, which sold for $57.50 each.

Sun plans to deploy the new capital to pay down debt and acquire other companies as part of its plan to grow to $1 billion in annual revenue by 2025.

Sarasota-based Sun retained $240.35 million after underwriting discounts and commissions, the company said Thursday.

Underwriters of the offering, which closed last week, have until March 2 to exercise their greenshoe option to buy up to 660,000 shares.

The company, which employs 624 at three manufacturing facilities in Sarasota and 1,100 in total, was one of the top-performing stocks in the Sarasota-Tampa market in 2017, gaining 60.4 percent.

Trading on the Nasdaq under the symbol "SNHY," Sun closed at $59.10 the day before the new shares sold. The priced dipped as low as $50.69 within a week before closing Thursday at $56.22.

The company had 27.07 million shares outstanding before the offering.

A Sun spokesman said about 80 percent of the new shares were sold to institutional investors and 20 percent went to retail investors. Existing institutional investors bought about 30 percent, while new institutions purchased 70 percent.

Prior to the sale, institutions controlled about 83.3 percent of the stock.

Wolfgang Dangel, who took over as president/CEO at Sun in April 2016, has said the new capital will drive the company toward its Vision 2025 goals.

“We can use the funds to pay down outstanding debt, make acquisitions in accordance with our strategy, or for other general corporate purposes such as investments in sophisticated machinery and equipment as well as global engineering and sales initiatives,” he said.

Founded in 1970, Sun has long been known as a maker of high-performance screw-in hydraulic cartridge valves and manifolds used in a variety of industrial applications, construction machinery and tools. In late 2016, it paid $200 million for Oklahoma-based Enovation Controls, which expanded Sun’s digital and electronic capabilities and its portfolio into new markets such as marine applications and recreational vehicles.

“Our industry is fragmented, and we believe there is significant opportunity for continued consolidation through acquisitions and partnerships,” Sun said in its 65-page prospectus. “We intend to seek acquisition targets which will bring us advanced technologies in the industrial-goods sector while also augmenting our strong parts and component offerings, increasing our solutions-based offerings and/or diversifying our end markets.”