Date: March 19, 2012
Source: Enerkem
Waste-to-biofuels and chemicals company Enerkem Inc. (Montreal, QC) said it expects to sell 7.25 million shares at between $17 and $19 each in its initial public offering of its common stock. Last month, the company filed with the U.S. Securities & Exchange Commission for an IPO of up to $125 million. The company said in the filing that it will use proceeds from the offering for research, capital requirements and to construct and develop facilities. Enerkem recorded a net loss of C$26.2 million ($26.43 million) for the year ended December 31, 2011.
Enerkem counts Waste Management of Canada Corp., a unit of Waste Management Inc, and venture capital firms Rho Ventures and Braemer Energy Ventures as its major shareholders.
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