21 September 2011 18:05 [Source: ICIS news]
HOUSTON (ICIS)--Elevance Renewable Sciences is planning an initial public offering (IPO) to raise $100m (€73m), the US-based renewable chemicals company said on Wednesday.
In a preliminary prospectus filed with the US Securities and Exchange Commission, Elevance said it would use the IPO proceeds for capital expenditures, research and development, working capital, product development and operating expenses.
“Our management will retain broad discretion over the allocation of the net proceeds from this offering,” the company added.
Elevance did not say when the IPO will get underway. The planned sale of shares to the public would begin “as soon as practicable after this registration statement becomes effective”, it said.
Elevance develops applications for the specialty chemical industry.
Its primary target markets in the specialty chemical industry include surfactants, lubricants, additives and polymers, it said.
In addition, Elevance’s manufacturing platform will produce two key categories of intermediate chemicals: olefins and oleochemicals.
Elevance has entered into joint development arrangements with a number of partners – including Netherlands-based DSM, Switzerland’s Clariant, US companies Cargill, Dow Corning Materia and Stepan and Singapore-based Wilmar – to accelerate the commercialisation of its specialty chemicals.
In a joint venture with Wilmar, Elevance is building a 185,000 tonne/year biorefinery in ?xml:namespace>
Elevance’s stakeholders include investment firms TPG Capital and Naxos Capital, as well as France’s Total, Cargill and Materia.
Elevance is joining other firms in the renewable chemicals sector in tapping the IPO market for funds.
Last month, US biotech firm Genomatica filed for an IPO, and earlier this year American companies Gevo and Solazyme listed their shares.
($1 = €0.73)
Check out Doris de Guzman’s Green Chemicals blog for views on sustainability issues
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