Enerkem Seeking Up to $137.8 Million in Initial Public Offering
Enerkem Inc. (NRKM), the Montreal-based developer of biofuels from municipal waste, is seeking as much as $137.8 million in an initial public offering.
The company is offering 7.25 million shares at $17 to $19 apiece, according to a regulatory filing today. The stock will list on the Nasdaq Stock Market under the symbol NRKM and on the Toronto Stock Exchange under NKM.
Enerkem plans to use the proceeds from the IPO to build a commercial facility that makes ethanol in Edmonton, Alberta, and to fund other sites in the U.S. and Canada. Enerkem’s loss more than doubled to C$26.2 million ($26.4 million) in 2011 from a year earlier, the filing shows.
Goldman Sachs Group Inc., Credit Suisse Group AG and Bank of Montreal (BMO) are leading the IPO. Rho Ventures LLC will hold 29 percent of the company after the offering, while Braemar Energy Ventures will hold 16 percent and Waste Management Inc. will own 8.9 percent.
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