BioAmber, a Canada-based maker of bio-based succinic acid, has revised its IPO terms to 8 million shares being offered at between $10 and $12 per share plus an attached warrant to purchase 0.5 shares of common stock at an exercise price of $11.
The company previously planned to sell 8 million shares at between $15 and $17.
Montreal-based BioAmber expects to trade on the NYSE under ticker symbol BIOA, with Credit Suisse serving as lead underwriter.
Chemicals group Lanxess invested $10m at $28.49 per share as part of BioAmber’s $30m series C round.
Other investors in BioAmber include venture capital firms Naxos Capital, Sofinnova Partners and Cliffton Group and Japan-based financial services firm Mitsui, which also has a joint venture with the portfolio company to build a production plant in Canada.
Mitsui was joined in the $20m November tranche by venture capital firm Sofinnova Ventures, investment group Naxos Capital Partners and investment advisor the Clifton Group.
The C round brought BioAmber’s total funding to $87m since the company was spun-off from nutritional supplements company Diversified Natural Products at the end of 2008, with prior investors including Samsung’s corporate venturing fund, Samsung Ventures, and automotive manufacturer Toyota.