US-based advanced materials producer Zymergen has filed for a $100m initial public offering that would provide exits for conglomerate Hanwha and internet and telecommunications group SoftBank.
Zymergen is developing technology that can precision-engineer microorganisms to produce biomolecules used in the manufacturing processes of a variety of products across the electronics, personal care and agricultural sectors.
The company expects to deploy the IPO proceeds in commercialisation activities, the launch of new products and the development of its biofacturing platform. It has raised $874m of funding since it was founded in 2013.
Investment management firm Baillie Gifford led a $300m series D round for Zymergen in September 2020 that included $25m from SoftBank’s Vision Fund and additional capital from GIC, True Ventures, Baron Capital Group and Perceptive Advisors.
Vision Fund also participated in the company’s $400m series C round in 2018, which included Hanwha subsidiary Hanwha Asset Management, Goldman Sachs, Data Collective (DCVC), DFJ, Innovation Endeavors, True Ventures and Two Sigma Ventures.
SoftBank led Zymergen’s $130m series B round in 2016, investing with existing backers Iconiq Capital, Prelude Ventures, Tao Capital Partners, True Ventures, DCVC, AME Cloud Ventures, DFJ, Innovation Endeavors, Obvious Ventures and Two Sigma Ventures. Its earlier investors include company builder HVF.
SoftBank Vision Fund is the company’s largest shareholder, with a 32.8% stake, followed by True Ventures (10.4%), DCVC (9.1%) and GIC vehicle Gamnat (5.5%).
JP Morgan, Goldman Sachs, BofA Securities, Cowen, UBS Investment Bank and Lazard Capital Markets are the underwriters for the offering, which is set to take place on the Nasdaq Global Select Market.