Avantium, an Amsterdam, The Netherlands-based renewable chemistry company, launched its IPO on Euronext.
The company issued 9,401,793 shares allowing a capital increase of €103 M. On this basis at €11 per share, the company’s market capitalization reaches €277M. Trading will begin on March 15th 2017 on Euronext Amsterdam and Euronext Bruxelles under the symbol AVTX.
Avantium partners with large companies around the world throughout the entire value chain, such as The Coca-Cola Company, Danone, Toyobo, ALPLA and Mitsui. to develop efficient processes and sustainable products made from biobased materials.
Through its YXY technology, the company has produced PEF, a high-quality plastic made from plant-based industrial sugars, which is 100% recyclable and offers an effective solution for applications ranging from bottles to packaging film and fibres. Besides the YXY technology, Avantium is working on other projects which for some have reached or entering pilot plant stage.
Avantium will now use the funds to further commercialize its inventions into viable production processes. This will start with the commercialisation of the YXY technology, in joint venture with BASF, by building the first commercial scale reference plant for FDCA.
Sofinnova Capital VI remains the main shareholder after the IPO.