‘Biofacturing’ Firm Zymergen Raises $500 Million in Expanded IPO
(Bloomberg) -- Zymergen Inc., which uses biological processes to manufacture chemicals, raised $500 million in an upsized initial public offering priced at the top of a marketed range.
The company sold 16.13 million shares Wednesday for $31 each, according to a statement. It had marketed 13.6 million shares for $28 to $31.
Zymergen has market value of about $3 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission. Including employee stock options, that valuation rises to more than $3.2 billion.
Everyville, California-based Zymergen, which calls itself a “biofacturing” company, uses microorganisms to create the biomolecules that are key ingredients in the products it’s developing, according to its filings.
In December, it launched its first product, an optical film designed for display touch sensors in personal electronic devices and other applications, according to its filings. The company said it has 10 other products in development, including a film for flexible electronic screens, an insect repellent and a fertilizer.
The company had a 2020 net loss of $262 million on revenue of $13 million, most of it from research and development service agreements.
The offering was led by JPMorgan Chase & Co. and Goldman Sachs Group Inc. The shares are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol under the symbol ZY.
©2021 Bloomberg L.P.