BioAmber Inc. announced the pricing of initial public offering of 8 million units consisting of one share of common stock and one warrant to purchase half of one share of common stock at $10 per unit, the low end of the estimated range. All units are being sold by BioAmber. The company expects to close the offering on May 14, 2013.
In an amended regulatory filing with the U.S. Securities and Exchange Commission, the company had expected to price the initial public offering of 8.0 million common shares between $10 and $12 per unit. Prior to this, the company has estimated to raise $128 million by offering 8.0 million shares at a price range of $15.00 to $17.00.
BioAmber, which was founded in 2008, granted the underwriters an option for 30 days to buy up to an additional 1.2 million units at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments.
BioAmber makes bio-succinic acid, which can be used to manufacture various everyday products, including plastics, food additives and personal-care products.
The Montreal, Canada-based company units are expected to start trading on the NYSE under the symbol "BIOAU" on May 10, 2013. BioAmber also intends to list its common stock on the Professional Segment of the regulated market of NYSE Euronext in Paris under the symbol "BIOA."
The common stock and warrants comprising the units will begin trading separately on NYSE under the symbols "BIOA" and "BIOAWS", respectively, on the first trading day following the expiration of the underwriters' 30-day over-allotment option, at which time trading of the units will be suspended and the units will be delisted.
Credit Suisse, Barclays and Société Générale are acting as joint book-running managers for the offering. Pacific Crest Securities is acting as co-manager for the offering.
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