Zymergen, which is developing biomanufacturing technologies for materials and chemicals, raised $500 million by offering 16.1 million shares at $31, the high end of the range of $28 to $31. The company offered 2.5 million more shares than anticipated. At pricing, Zymergen commands a fully diluted market value of $3.2 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 plans to list on the Nasdaq under the symbol ZY. J.P. Morgan, Goldman Sachs, BofA Securities, Cowen and UBS Investment Bank acted as lead managers on the deal.
