BioAmber Inc., which has developed a technology platform for converting renewable feedstocks into chemicals including succinic acid, lowered the proposed deal size for its initial public offering to US$88 million. As a result, it is estimated that the company will raise 31% fewer proceeds than previously anticipated. BioAmber, which has offices in Montréal and Minneapolis, Minnesota, is venture-backed. Its investors include Clifton Group, LANXESS, Mitsui, Naxos Capital and Sofinnova Partners.
BioAmber slashes proposed range by 31%, includes warrants
BioAmber, which converts renewable feedstocks into bio-succinic acid and other chemicals, lowered the proposed deal size for its upcoming IPO on Tuesday. The Montreal, Canada-based company now plans to raise $88 million by offering 8 million shares at a price range of $10 to $12, along with attached warrants to purchase an 4 million shares at the IPO price. The company had previously filed to offer 8 million shares at a range of $15 to $17. At the midpoint of the revised range, BioAmber will raise 31% fewer proceeds than previously anticipated. 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 and on the Professional Segment of NYSE Euronext in Paris 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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