In France, Global Bioenergies completed its IPO on the French Alternext stock market (part of Euronext), with the first trading day being last Wednesday June 15th. The IPO was oversubscribed by a factor of 2.9 to 1, and the shares debuted at the upper level of their range, at $28.58.
The after-market has been robust, with shares trading at a 25% premium to the IPO price, with a current market valuation for the company of $56 million.The shares are trading as ALGBE.PA
Global Bioenergies uses synthetic biology to convert renewable resources (sugars, waste) into isobutene, a key-building block with a current addressable market of $25 billion, which can be transformed into gasoline and different materials such as plastics.
The company, which is pursuing a licensing strategy, has reached the laboratory prototype stage of development, and is now moving towards industrialization of the process through the construction of a pilot reactor, used to carry out pre-industrial tests.
