August 2, 2012 / 11:35 AM / 7 years ago

Genomatica withdraws IPO plans citing weak market

Aug 2 (Reuters) - Genomatica Inc, which makes chemicals from renewable feedstocks, has withdrawn its plan for a $100 million initial public offering of its stock, citing current market conditions.

The company had filed for a $100 million IPO with the U.S. Securities and Exchange Commission last August to capitalize on burgeoning interest in the green chemistry sector.

The move is the latest in a series of canceled or delayed IPOs in the global market. Guitar maker Fender Musical Instruments Corp withdrew its $200 million IPO last month.

Similarly, motor sport racing company Formula One delayed its Singapore IPO worth up to $3 billion, while London luxury jeweler Graff Diamonds ditched its $1 billion IPO.

Morgan Stanley, J.P.Morgan, Jefferies, Piper Jaffray and Raymond James were underwriting Genomatica’s offering.

The company had planned to list its shares on the Nasdaq under the symbol “GENO.”

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