Global Bioenergies hits home run with small IPO on NYSE Alternext
In France, Global Bioenergies completed its IPO on the French Alternext stock market (part of Euronext), with the first trading day being last Wednesday June 15th. The IPO was oversubscribed by a factor of 2.9 to 1, and the shares debuted at the upper level of their range, at $28.58.
The after-market has been robust, with shares trading at a 25% premium to the IPO price, with a current market valuation for the company of $56 million.The shares are trading as ALGBE.PA
Global Bioenergies uses synthetic biology to convert renewable resources (sugars, waste) into isobutene, a key-building block with a current addressable market of $25 billion, which can be transformed into gasoline and different materials such as plastics.
The company, which is pursuing a licensing strategy, has reached the laboratory prototype stage of development, and is now moving towards industrialization of the process through the construction of a pilot reactor, used to carry out pre-industrial tests.
Category: Fuels