Genomatica, a US-based chemicals company backed by US-listed Waste Management and the corporate venture unit of Russia-based industrial conglomerate Ru-Com Group, has filed to raise $100m in a flotation.
The filing follows Genomatica raising $45m in March from Waste Management, which owns 6.9%, and Ru-Com’s Bright Capital.
The company’s other shareholders are venture firms TPG Biotech (19.1%), Mohr Davidow Ventures (17.3%), VantagePoint Venture Partners (12.6%), Alloy Ventures (10.4%), Batios Holdings (7.4%) Draper Fisher Jurvetson (7%) and Iceland Genomics Ventures (5.5%).
The company has raised $58.7m in sales of stock since the beginning of 2008. The company had $1.9bn in revenues in the first half of this year, up from $726m in the full year 2010. The company lost $9m in the first half and made a $14m loss in the full year 2010.
The initial public offering is underwritten by banks Morgan Stanley, JP Morgan, Jefferies, Piper Jaffray and Raymond James.