September 22, 2011

Elevance files for $100m IPO

A busy IPO (initial public offering) season this year as Illinois, US-based Elevance Renewable Sciences joined the ranks of Myriant, Genomatica, Gevo, Amyris, Solazyme, Codexis and Metabolix.

The company submitted its S-1 form to the US Securities and Exchange Commission (SEC) late Sept. 20 noting its intention to raise $100m on the NASDAQ stock exchange under the symbol ERSI. The company incurred a deficit of $188.8m as of June 30 as it continues to invest in R&D, expand manufacturing capacity and build product lines.

A little bit of a background about Elevance, the company was formed in 2007 with $45m funding from US agribusiness Cargill and catalyst technology company Materia. Cargill is currently Elevance's major feedstock supplier (mainly plant-based oils such as palm, soybean and rapeseed oil). Materia supplies its ruthenium catalyst -- which can only be obtained from a limited number of producers in a limited number of geographic sites, according to the filing.

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