Genomatica joins list of biorefining companies to file IPO
In January, Biorefining Magazine first spoke with Genomatica’s founder and CEO Christophe Schilling on the company’s strategy for biobased chemical production and his view on the company’s potential to succeed in what he called the “core chemical market.” At that time, the company had already been through several rounds of funding but was still looking to form major partnerships to prove the computer modeling it used to formulate an E. coli-based approach to producing butanediol worked. Now, only eight months later, the company has formed several partnerships or joint ventures with the likes of Novamont, Tate & Lyle, Mitsubishi Corp, M&G and even Waste Management. On Aug. 24, the company officially announced that it has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering.
The intial price range and number of shares offered has not been released at this time, and Emily Douglas, Genomatica’s PR lead, responded to an information request early on the same morning of the announcement that the company was no longer able to comment due to the rules of the SEC filing procedure. The joint book-running managers for the offering will be Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Jeffries and Company. Raymond James & Associates Inc. will be a co-manager for the offering.
Since the start of the year, the biorefining industry has witnessed a number of high-profile companies issue IPOs, including Genomatica, Kior, Amyris, Solazyme, PetroAlgae, Codexis, Gevo, Myriant Technologies and Ceres.
The list of investors for Genomatica includes Mohr Davidow, Alloy Ventures, Bright Capital, Draper Fischer Jurveton, TPG Biotech, Mitsubishi Chemical, Vantage Point Capital Partners and Waste Management, for a total of roughly $84 million. In the past year, the company was also awarded the U.S. EPA Presidential Green Chemistry Challenge Award.