Wednesday, September 21, 2011

Elevance Renewable Sciences Files For IPO

Woodridge, Illinois-based Elevance Renewable Sciences, a developer of renewable chemicals technology which was spun off from Pasadena-based Materia, has filed for an IPO. Elevance said it is looking to raise up to $100M on the NASDAQ Global Market under the symbol ERSI. The IPO is being underwritten by Morgan Stanley, J.P. Morgan, Jeffries, Piper Jaffray, and Raymond James. Elevance was spun out of Materia in 2008, in a partnership with Cargill, Incorporated. The technology being used at both Materia and Elevance was originally developed at Caltech.