IPO
The biofuels and green chemistry specialist Deinove has successfully completed its initial public offering on the Alternext market of NYSE Euronext Paris, raising €12 million at the target price of €8.33 per share.
“We are delighted with the success of our stock market listing, which marks a new turning point in Deinove’s corporate life. As in the past, we will continue working with all our partners to develop Deinove’s business and create shareholder value”, said Deinove CEO Jacques Biton.
The proceeds of the IPO will provide further funding for the company’s bioethanol production plant and for the development of green chemistry and antibiotics projects.
In all 912,102 shares, or 63 per cent of the total offering were allocated to institutional shareholders, with 536,765, going to individual shareholders in a public offering. Trading began on Tuesday.
Deinove specialises in the development of biofuels and other compounds of industrial or pharmaceutical interest, exploiting the properties of Deinococcus bacteria. The Paris-based company currently has 15 staff and operates several collaborative programmes with the CNRS, the University of Paris V and INSA Toulouse. It was incorporated in late 2006 by Philippe Pouletty, Managing Partner at the private equity firm Truffle Capital and Miroslav Radman, Professor of Cell Biology at Paris-Descartes University.
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