Denver Business Journal
Gevo Inc. filed Thursday for an initial public offering, which proposed to raise as much as $150 million.
The filing by the Englewood company with the U.S. Securities and Exchange Commission doesn’t contain the proposed share price, or how many shares will be offered.
UBS Investment Bank and Goldman, Sachs & Co. will act as joint bookrunning managers, and Piper Jaffray will be co-manager for the offering.
Founded in June 2005, Gevo is a chemical and biofuel company that intends to provide an alternative to petroleum-based products. The company detailed in its filing how it intends to produce and sell isobutanol, which then can be used as a specialty chemical or as a fuel. Gevo noted that it intends to sell isobutanol “as a building block in the production of renewable jet fuel.”
Gevo — which hopes to secure a NASDAQ listing as GEVO — said it intends to retrofit existing ethanol production facilities to produce isobutanol. The company this month signed a deal to buy an ethanol production facility in Minnesota and begin commercial production in the first half of 2012.
Gevo said it intends to be producing and selling more than 500 million gallons of isobutanol in 2014.
Patrick Gruber, 50, the CEO, has been with the company since 2007. He previously was president and CEO of Outlast Technologies Inc.
Gevo reported a net loss of $19.9 million in 2009 on revenue of $660,000.
