Zymergen, which is developing biomanufacturing technologies for materials and chemicals, announced terms for its IPO on Wednesday.
The Emeryville, CA-based company plans to raise $401 million by offering 13.6 million shares at a price range of $28 to $31. At the midpoint of the proposed range, Zymergen would command a fully diluted market value of $3.0 billion.
Zymergen designs, develops, and commercializes bio-based breakthrough products for a broad range of industries. The company calls its process "biofacturing," and states that it creates better products faster, cheaper, and more sustainably than traditional chemistry by engineering microbes to make novel biomolecules that are the key ingredients in those products. The company currently has four products which consists of electronic films and insect repellents, and it estimate the timelines and costs of launching its future products to be roughly five years and $50 million.
Zymergen was founded in 2013 and booked $13 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol ZY. J.P. Morgan, Goldman Sachs, BofA Securities, Cowen, and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of April 19, 2021.
