Successful IPO of Avantium which raised €103 million on Euronext

Avantium and Coca-Cola together to produce bio-based bottles. Tom Van Aken is the first on the right

The European bioeconomy takes another step forward thanks to the successful initial public offering of Avantium which raised €103 M on Euronext Amsterdam and Euronext Bruxelles. Sofinnova Capital VI – Sofinnova Partners states – remains the main shareholder after the IPO. The initial public offering was multiple times oversubscribed.

Based in Amsterdam, Avantium is a pioneer company specialized in renewable and sustainable chemicals which develops efficient processes and sustainable products made from biobased materials. The company led by Tom Van Aken offers a breeding ground for revolutionary renewable chemistry solutions. From invention to commercially viable production processes. One of Avantium’s many success stories is the YXY technology to produce PEF: a completely new, high-quality plastic made from plant-based industrial sugars. PEF is 100% recyclable. It offers a cost-effective solution for applications ranging from bottles to packaging film and fibres, positioning it to become the next generation packaging material.

Funds raised will be used to further commercialise Avantium’s inventions into viable production processes. This will start with the commercialisation of the YXY technology, in joint venture with BASF, by building the first commercial scale reference plant for FDCA. This is an important step in Avantium’s strategic development to become a world leader in renewable chemistry. Avantium has a proven capacity to attract renowned global partners throughout the entire value chain, such as The Coca-Cola Company, Danone, Toyobo, ALPLA and Mitsui. Besides the YXY technology, the company is working on other projects which for some have reached or entering pilot plant stage.

Denis Lucquin, Managing Partner at Sofinnova Partners and Avantium Board member since 2011 declares “Avantium has completed one of the most successful IPOs in this emerging and promising renewable chemistry sector. This success comes just a few weeks after Sofinnova Partners announced the first closing of its Sofinnova IB I Fund entirely dedicated to renewable chemistry, and fully validates our vision and strategy. As lead investor, and still main shareholder after the IPO, we are extremely pleased with this listing. It confirms investors’ confidence in the team’s talent and ability to transform a visionary project into a performing global company”.

Avantium issued 9,401,793 shares allowing a capital increase of €103 M. On this basis at €11 per share, Avantium’s market capitalization reaches €277 M. Trading begins today on Euronext Amsterdam and Euronext Bruxelles under the symbol AVTX.

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