Glori Energy, a provider of biotech solutions to increase recovery from mature oil wells, backed by corporate venturing unit Energy Technology Ventures, has withdrawn registration for a $115m IPO filled October 2011 due to poor market conditions. Credit Suisse was the planned deal’s lead underwriter.
Glori’s institutional shareholders include GTI Glori Oil Fund (18.5%). GTI founded Glori in 2005, when the company acquired intellectual property from The Energy and Resources Institute (TERI), an India-based research organisation
Other shareholders in Glori include: venture capital firm Oxford Bioscience Partners (19%), Gentry Venture Partners, Advantage Capital Partners. The Ozmest Group (18.3%), Kleiner Perkins Caufield & Byers (15.7%), Malaysian Life Sciences Capital Fund, a venture fund set up by the Government of Malaysia, (13.5%) and Energy Technology Ventures (6.9%).
Glori raised $20m in a Series C round in March this year. the GE, NRG Energy and ConocoPhillips joint venture was joned by Gentry Venture Partners, part of financial firm Gentry Financial Corporation,which led the round. Other investors were venture firms Advantage Capital Partners, GTI Ventures, Kleiner Perkins Caufield & Byers (KPCB), Oxford Bioscience Partners, Malaysian Life Sciences Capital Fund, and The Omzest Group.
Between November 2006 and September 2008 Glori raised $10.5m through the sale of Series A preferred stock, while between October and May 2011 it sold $16m in Series B preferred stock, according to a filing.
Stuart Page, Glori Energy Chief Executive, said: “Glori Energy is aggressively pursuing near-term private market financing options to close on a new oil field asset acquisition opportunity”.