BioAmber, which converts renewable feedstocks into bio-succinic acid and other chemicals, lowered the proposed deal size for its upcoming IPO on Tuesday. The Montreal, Canada-based company now plans to raise $88 million by offering 8 million shares at a price range of $10 to $12, along with attached warrants to purchase an 4 million shares at the IPO price. The company had previously filed to offer 8 million shares at a range of $15 to $17. At the midpoint of the revised range, BioAmber will raise 31% fewer proceeds than previously anticipated. BioAmber, which was founded in 2008 and booked $2 million in sales for the 12 months ended 12/31/2012, plans to list on the NYSE under the symbol BIOA and on the Professional Segment of NYSE Euronext in Paris under the symbol BIOA. BioAmber initially filed confidentially on 11/9/2012. Credit Suisse, Societe Generale and Barclays are the joint bookrunners on the deal.
