In the Netherlands, bioplastics maker Avantium is planning an initial public offering and listing of all shares on Euronext Amsterdam and Euronext Brussels. The company expects to raise up to €100 million (USD$106 million) and complete the offering by the end of the current quarter. More than half of the offering has already been secured via commitments from cornerstone investors.
Avantium’s YXY technology converts plant-based sugar into chemicals and plastics, including 2,5-furandicarboxylic acid, a precursor to the promising bioplastic polyethylene furanoate. Approximately €65–€75 million of the proceeds will be used to help fund the company’s first world-scale plant, a 50,000 tons per year FDCA production unit planned for Antwerp as part of a joint venture with BASF. The rest of the funds will be used to build pilot plants for the company’s Zambezi and Mekong renewable chemicals projects, as well general corporate purposes.
“With the commercialization of the YXY technology and other projects entering the pilot plant stage, access to equity capital markets will be the most logical step to effectively support our strategy and our ambitious plans for growth,” says Tom van Aken, Avantium CEO. “We look forward to the opportunities a public listing can bring.”
PEF’s barrier properties offer advantages over the ubiquitous petroleum-based plastic polyethylene terephthalate. Avantium’s downstream partners include The Coca-Cola Company, Danone, Toyobo, and Mitsui.