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Business

BioAmber Goes Public, Raises $80 Million

by Melody M. Bomgardner
May 20, 2013 | APPEARED IN VOLUME 91, ISSUE 20

Biobased succinic acid maker BioAmber raised $80 million from investors in an initial public offering on the New York Stock Exchange. When the company first filed to go public in November 2011, it planned to raise up to $150 million. BioAmber is partnering with Mitsui to build a manufacturing facility in Sarnia, Ontario, that will have an initial capacity of 17,000 metric tons of succinic acid and will be expanded to produce 35,000 metric tons of 1,4-butanediol. Last year, several biobased chemicals and fuels firms abandoned plans to sell shares to the public; Genomatica, Enerkem, and Elevance Renewable Sciences instead raised additional money from private investors to fund their activities.

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