24 August 2011 17:46 [Source: ICIS news]
HOUSTON (ICIS)--US renewable butanediol (BDO) producer Genomatica plans to raise up to $100m (€69m) in an initial public offering, the company said on Wednesday.
The company intends to list its stock on the NASDAQ under the ticker symbol “GENO”.
Morgan Stanley, JP Morgan, Piper Jaffray, Jefferies and Raymond James are underwriting the IPO.
The company’s IPO registration comes days after it announced it has produced butadiene (BD) from renewable feedstocks, claiming it could reduce production costs and lower the monomer’s carbon footprint.
Genomatica would not elaborate on whether it would produce the BD through renewable intermediaries or directly from fermenting sugars.
The company also said on 18 August that it signed a letter of intent to establish a joint venture (JV) with Italian bioplastics producer Novamont. The JV would convert an existing plant in Italy to produce 20,000 tonnes/year of renewable BDO.
($1 = €0.69)
For more on BDO or BD visit ICIS chemical intelligence
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