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Bio-based chemicals developer Myriant Corp., known until recently as Myriant Technologies LLC, has filed for an initial public offering that could bring in up to $125 million, according to federal documents filed by the company.
The Quincy-based company is working on ways to produce various acids from biomass. The acids would be used in a variety of applications, such as plastics, fibers, polyesters and pigments. The company is building a succinic acid plant in Port of Lake Providence, La., that is expected to be the world’s largest bio-based succinic acid production plant, at 30 million pounds, according to an earlier news release from Myriant. The company said that succinic acid is a renewable alternative to petroleum-based chemicals.
Myriant has not yet determined the number of common stock shares it will sell, nor the price. The filing indicated that Myriant plans to list its stock on the Nasdaq Global Market under the ticker symbol “MYRT.” Myriant also noted in the filing that it plans to use proceeds from the IPO to help pay for the construction of its Louisiana plant, as well as the acquisitions of other companies.
Joint bookrunning managers for the IPO filing include UBS Securities LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Piper Jaffray & Co. Co-manager of the offering was Morgan Joseph TriArtisan LLC.
The company was spun out of BioEnergy International LLC, also of Quincy, in June of 2009. In January, Myriant landed a $60 million financing from Thailand-based petrochemical producer PTT Chemical Group.
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