BioAmber Inc., which has developed a technology platform for converting renewable feedstocks into chemicals including succinic acid, announced IPO plans intended to raise US$128 million. The company, which has offices in Montréal and Minneapolis, Minnesota, will offer shares on the New York Stock Exchange. BioAmber completed its Series C round of venture capital financing totaling US$30 million in 2012. Its backers include Clifton Group, LANXESS, Mitsui, Naxos Capital and Sofinnova Partners.
BioAmber sets terms for $128 million IPO
BioAmber, which converts renewable feedstocks into bio-succinic acid and other chemicals, announced terms for its IPO on Thursday. The Montreal, Canada-based company plans to raise $128 million by offering 8 million shares at a price range of $15 to $17. At the midpoint of the proposed range, BioAmber would command a fully diluted market value of $325 million. BioAmber, which was founded in 2008 and booked $2 million in sales for the 12 months ended 12/31/2012, plans to list on the NYSE under the symbol BIOA. BioAmber initially filed confidentially on 11/9/2012. Credit Suisse, Societe Generale and Barclays are the joint bookrunners on the deal.
Source: Renaissance Capital
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