IPO News Archive
Cathay Industrial Biotech files for a $200 million IPO
Cathay Industrial Biotech, the world's largest producer of biobutanol, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering. The Shanghai, China-based company has two additional product candidates in its development pipeline: I+G, a food flavor enhancer that complements monosodium glutamate (MSG), and a bioprocess technology to produce biobutanol from cellulosic biomass feedstock. Commercial sales of I+G is expected to commence by the end of the first half of 2012. Cathay Industrial Biotech, which was founded in 1997 and booked $144 million in sales for the 12 months ended March 31, 2011, plans to list on the NASDAQ under the symbol CBIO. Morgan Stanley, Deutsche Bank Securities, and Jefferies & Co. are the lead underwriters on the deal. No pricing terms were disclosed.