Coskata Withdraws Biofuel IPO, Citing ‘Market Conditions’Andrew Herndon
Coskata Inc., a biofuel company backed by venture capitalist Vinod Khosla, withdrew its registration for a planned initial public offering to raise as much as $100 million.
“At this time, due to current public market conditions, the company has determined not to proceed with the initial public offering,” it said today in a filing.
Coskata is the fourth biofuel company, and second backed by Khosla, to cancel an initial share sale since last year. Enerkem Inc. canceled its planned IPO in April 2012, followed by Fulcrum BioEnergy Inc. in November and Khosla-backed Mascoma Corp. in March.
The company, based in Warrenville, Illinois, shelved the offering indefinitely almost a year ago, and Chief Executive Officer Bill Roe said unfavorable market conditions were the reason for putting the deal on hold. He’s seeking investors for a plant that will convert natural gas into ethanol, a shift from Coskata’s prior focus on converting biomass into fuel.