April 17, 2013

BioAmber continues IPO filing

I wonder if BioAmber's continued intent to become a public company via its IPO (initial public offering) filing last week with the US Securities and Exchange Commission (SEC) signals renewed funding optimism within the renewable chemicals industry?

So far, another bio-succinic acid producer Myriant has yet to announce if it will also push through its IPO plans which was initially announced on May 2011.

BioAmber first filed its IPO intent on October 2011 looking to raise $125m. Last week, it has filed an amended S-1 looking to raise between $120m and $136m by offering 8m shares at a price range of $15 to $17 per share. At the midpoint of the proposed range, BioAmber would command a fully diluted market value of $325m, according to IPO research and investment services Renaissance Capital.

Under the S-1 filing, BioAmber reportedly booked $2.29m in sales for 2012 ending December 31 compared to $560,000 in 2011. The company intends to list on the New York Stock Exchange (NYSE) under the symbol BIOA. Credit Suisse, Societe Generale and Barclays are the joint bookrunners on the deal.

Sarnia, Ontario, bio-industrial park owned by Lanxess
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