March 22 (Bloomberg) -- Mascoma Corp., a closely held biofuel company backed by billionaire Vinod Khosla, withdrew its registration for a planned initial public offering to raise as much as $100 million.
“The company has determined at this time not to proceed with the offering due to market conditions,” it said today in a filing.
Mascoma is the fourth biofuel company to cancel or delay indefinitely an initial share sale since last year. Enerkem Inc. canceled its planned IPO in April, followed by Fulcrum BioEnergy Inc. in November, and Coskata Inc. shelved its deal in July.
The company, based on Lebanon, New Hampshire, is developing genetically modified yeast and bacteria that produce enzymes to break down plant sugars and ferment them into ethanol.
Mascoma planned to use the proceeds from the offering to develop its production process and expand sales in the corn-based ethanol industry. It is also planning to build two manufacturing plants in Michigan and Alberta, Canada, to convert wood into ethanol. Valero Energy Corp. is backing the Michigan project.
Morgan Stanley & Co., UBS Securities, Credit Suisse Securities LLC, Robert W. Baird & Co. and Cannacord Genuity Inc. were the underwriters.
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