Avantium, a Dutch company that has developed technology for making plastic from sugars rather than petrochemicals, said on Monday it hopes to raise at least 90 million euros in an initial public offering, giving it a market capitalisation of 264 million euros ($279.95 million).

Avantium is selling 8.2 million shares at 11 euros per share, or a 34 percent stake post-IPO, it said in a statement, with an over-allotment possible depending on demand.

It already has commitments in place from investors for two-thirds of the amount it seeks to raise. Named investors include RobecoSAM and pension fund manager APG.

Proceeds will go to building a plant in Antwerp, as part of a joint venture with German chemicals giant BASF.

Listing is scheduled for March 15.

 

Source: reuters.com

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