Aug 2 (Reuters) – Genomatica Inc, which makes chemicals from renewable feedstocks, has withdrawn its plan for a $100 million initial public offering of its stock, citing current market conditions.
The company had filed for a $100 million IPO with the U.S. Securities and Exchange Commission last August to capitalize on burgeoning interest in the green chemistry sector.
The move is the latest in a series of canceled or delayed IPOs in the global market. Guitar maker Fender Musical Instruments Corp withdrew its $200 million IPO last month.
Similarly, motor sport racing company Formula One delayed its Singapore IPO worth up to $3 billion, while London luxury jeweler Graff Diamonds ditched its $1 billion IPO.
Morgan Stanley, J.P.Morgan, Jefferies, Piper Jaffray and Raymond James were underwriting Genomatica’s offering.
The company had planned to list its shares on the Nasdaq under the symbol “GENO.”
Backers include TPG Biotechnology Partners, Mohr Davidow Ventures, Alloy Ventures and Draper Fisher Jurvetson. Additionally, the US Department of Energy provided the company with a 2011 grant.
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