The Summer of IPOs: Gevo Files $150M Initial Public Offering
by Jim Lane (Biofuels Digest) In New York, biobutanol and renewable chemical developer Gevo, ranked #13 in the 2009-10 “50 Hottest Companies in Bioenergy” by Biofuels Digest readers and international selectors, filed its S-1 registration statement with the SEC for its initial public offering. The IPO intends to raise up to $150 million in an offering led by underwriters UBS Investment Bank, Goldman Sachs, and Piper Jaffray.
We’ve been reporting since spring time that Gevo was preparing an S-1, so little surprise there, but we surely were delighted by the LOI with United Airlines, amongst other downstream and strategic partners. It is also interesting to note that Goldman, UBS and Piper Jaffray are bringing forward a second IPO in a week. Good sign that they have made a strategic determination on IPO timing, despite all the blather this week about the IPO market from critics of the PetroAlgae offering.
Digest readers and selectors have been bullish about Gevo for quite some time, and we have reported extensively on what we believe to be a compelling story for biobutanol as a solution for the “blend wall” issues inherent in meeting Renewable Fuel Standard annual targets. Some of the competition named by Gevo are bringing forward n-butanol products rather than isobutanol, and those can be expected (for capital and technical reasons) to ficus primarily on the renewable chemicals market. Isobutanol is an excellent feedstock for the fuel market, and we are delighted to see Gevo’s progress in assuring itself of a lion’s share of that market. READ MORE SEC Form S-1