Elevance Renewable Sciences, a producer of chemicals used in household products from renewable natural oils, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. Elevance Renewable is the latest biofuel company to announce its IPO plans, following filings from Mascoma (MSCA) and Genomatica (GENO). The Woodridge, IL-based company also follows in the footsteps of recently public peers such as KiOR (KIOR; +32% from IPO), Solazyme (SZYM; -34%), and Gevo (GEVO; -45%). Elevance Renewable, which was founded in 2007, is backed by private equity firms TPG Capital and Naxos Capital Partners. The unprofitable company booked $21 million in sales for the 12 months ended June 30, 2011 and plans to list on the NASDAQ under the symbol ERSI. Morgan Stanley, J.P. Morgan, and Jefferies & Co. are the lead underwriters on the deal. No pricing terms were disclosed.
