Sofinnova's Avantium launches IPO with €277m market cap

According to Sofinnova, which remains lead investor and main shareholder of Avantium, the IPO was backed by several international investors and oversubscribed multiple times over.

The company reaped a capital increase of €103m in the IPO, which gave Avantium a market cap of €277m.

More than 9.4 million shares were issued in the flotation, with an introductory price of €11 per share on its first day of trading on both Euronext Amsterdam and Euronext Brussels on 15 March. At the time of writing, the share price had increased to €11.705 per share.

Funds raised through the IPO will be used to further commercialise Avantium's technology into viable production processes, the company said in a statement. This will start with the commercialisation of its YXY technology, in a joint venture with BASF, a German chemical company listed on the Frankfurt Stock Exchange, London Stock Exchange, and Zurich Stock Exchange with around €57.55bn in revenues.

Lead shareholder Sofinnova is invested in the group through its €260m fund Sofinnova Capital VI. The BASF joint venture comes a few weeks after Sofinnova held a first close on €106m for its Industrial Biotech I (IB I) fund, a vehicle dedicated to investments in the renewable chemistry sector. 

Previous funding
In 2016, Avantium closed a €20m financing round led by Flemish investment company ParticipatieMaatschappij Vlaanderen (PMV). Other investors included Belgium-based Federal Holding and Investment Company and other existing shareholders.

In 2014, Avantium secured €36m in funding from a consortium of venture capital firms and trade players, including Swire Pacific, The Coca-Cola Company, Danone and Alpla, with existing VC backers Sofinnova, Capricorn Venture Partners, Aescap Venture, Navitas Capital, Aster Capital and De Hoge Dennen Capital, as well as ING Corporate Investments.

Those rounds were preceded by a €25m round (alongside a €5m subsidy from the Dutch Ministry of Economy) in 2011 provided by Sofinnova, Aster, De Hoge Dennen, Aescap, Capricorn, Navitas and ING; an €18 round in October provided by Capricorn, Navitas and ING; and a €31m round in 2002 from DFJ Esprit (now Draper Esprit), MVM Life Sciences Partners and others.

Company
Founded in 2000 as a spinout from Royal Dutch Shell and headquartered in Amsterdam, Avantium is a chemical technology company focusing on renewable chemistry, producing sustainable products made from bio-based materials.

Based in Amsterdam, Avantium also provides advanced catalysis research services and systems to chemical and petrochemical companies. According to Euronext, Avantium's turnover currently amounts to around €19.5m.

People
ParticipatieMaatschappij Vlaanderen (PMV) – Roald Borré (head of equity investments).
Avantium – Tom van Aken (CEO).
Sofinnova Partners – Denis Lucquin (managing partner).

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