New York, Paris – 11 June 2013 – Today BioAmber Inc. (ticker: BIOA), a sustainable chemicals company, celebrated its first day of trading as a dual listed company on NYSE Euronext (NYX) markets in Europe and the United States by ringing the Opening Bell in Paris. BioAmber is the first American company to use the streamlined, cost‐effective Fast Path process for an Initial Public Offering.
Founded in 2008, BioAmber is a sustainable chemicals company. Its proprietary technology platform combines industrial biotechnology and chemical catalysis to convert renewable raw materials into sustainable chemicals, thereby replacing petrochemicals in a wide variety of everyday products ranging from plastics to personal care products. BioAmber currently produces succinic acid in Pomacle, France, at one of the largest bio‐based chemical manufacturing facilities in the world for biosourced chemical products. With the proceeds from the offering, BioAmber plans to build a worldscale bio‐succinic acid manufacturing facility in Sarnia with 30,000 ton annual capacity.
BioAmber began trading on the New York Stock Exchange (NYSE) on 10 May 2013 and on the professional segment of NYSE Euronext in Paris today through a public offering in the United States. The listing raised a total of approximately €62 million/$80 million.
The final offering price of BioAmber was set at €7.6/$10 per share on May 10. Market capitalisation stood at around €138 million/$180 million on the day of listing.
Jean‐François Huc, CEO of BioAmber, commented: “ This IPO allows investors access for trading in US dollars and Euros on either market, and the dual listing more accurately reflects our business model, which targets the global chemical supply chain and is anchored in both Europe and North America.."
Scott Cutler, EVP, Head of Global Listings at NYSE Euronext, added “We are very pleased to welcome BioAmber as it enters a new phase in its development. This major listing reconfirms NYSE Euronext’s role as a pacesetter for cleantech shares, offering optimum visibility and outstanding access to investors from around the world.”
Background information on cross‐listing on NYSE Euronext European markets
- NYSE Euronext is the first and only exchange group to offer a truly global cross‐market listing, trading and visibility platform, providing cost‐effective, convenient access to investors and business partners in the US and in Europe.
- NYSE Euronext is the first exchange group to offer companies the ability to trade and raise capital in euros and dollars, and to reach investors and constituents directly across continents and multiple time zones, regions and countries.
- NYSE Euronext’s professional segment in Paris is designed to meet the needs of international businesses and is reserved to qualified investors. It is part of NYSE Euronext’s Regulated Market. Listing obligations are simplified, and include the use of English for documentation, summary information for regular and exceptional publications, and simplified, faster verification procedures.
- Valuable for any company looking to enhance its global profile, support an international business or expand its non‐US investor base, a Fast Path listing provides an easy, cost‐effective way to gain a European trading presence. Euronext regulators accept documentation, previously filed with the SEC, to satisfy the EU Prospectus Directive. With Fast Path, a company avoids the need to draft and translate a separate prospectus in order to be admitted to trading. Documents filed with the SEC serve as the primary component to obtain approval from the competent Euronext regulator. The SEC documentation is combined with a summary “wrapper”, addressing any additional European and local requirements, forming the company’s European prospectus.