One of the many possible greentech IPOs on the horizon this year is looking a little bullish. This week, next-gen biofuel producer Amyris amended its S-1,saying it plans to raise up to $122 million in an IPO, up slightly from its previously planned maximum offering of $100 million. Amyris estimates the IPO to price at $18 to $20 per share.
If Amyris’ IPO is priced in the mid-range at $19 per share, the company says its net proceeds of the offering will be $89.1 million, after deducting “estimated underwriting discounts and commissions and estimated offering expenses payable by us.” The company plans to spend that money on factory equipment it hopes will bring its technology to commercial scale.
While the jump isn’t all that much, a positive outlook is somewhat rare in a environment that has seen a variety of greentech companies abandon offerings or suffer weak IPOs (Tesla was the exception). Thin film solar firm Trony Solar dropped its IPO plans in August, Solyndra withdrew its much-anticipated IPO earlier this year, rare earth element developer Molycorp priced its IPOs below expectations, and Shanghai’s geothermal company Nobao Renewable Energy gutted its march to the New York Stock Exchange, too. Another next-gen biofuel developer Gevo filed an S-1 earlier this year, planning to raise up to $150 million in an IPO, but at least one analyst thinks Gevo will likely raise closer to between $80 million and $100 million.
Seven-year-old Amyris, like most next-gen biofuel companies, isn’t selling product at a commercial scale yet, so isn’t bringing in much revenue. The company plans to start producing its synthetic organism-based biofuel at commercial scale in 2011, and booked its first revenue from a $24.3 million federal grant, awarded on a conditional basis late last year, in May. A good chunk of Amyris’ current revenues comes from reselling ethanol produced by other companies.
According to the latest filing, Amyris brought in revenues of $26.36 million for the first six months of the year, and had a net loss of $36.53 million. Backed by more than $244 million from a long list of investors, including Khosla Ventures and Kleiner Perkins, Amyris says as of June 30, 2010, it had accumulated a deficit of $156.5 million.
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