NEW YORK (AP) — Mascoma Corp. said Monday it plans to raise up to $100 million in an initial public offering of stock.
The Lebanon, N.H., company said it has developed a technology that employs genetically modified yeast and other microorganisms to cut costs and improve production of renewable fuels and chemicals. It plans to begin selling this technology for the first time next year, focusing on corn ethanol producers.
Mascoma said that its technology can cut corn ethanol costs by 1 to 2 cents per gallon. Interest in its product should generate "near-term revenue and gross margin for our company," the company said in a regulatory filing.
The company hasn't announced the number of shares it expects to sell, the offering price or the date of the proposed sale, according to a registration statement filed with the Securities and Exchange Commission.
Morgan Stanley & Co., UBS Securities and Credit Suisse Securities are listed as joint book-running managers for the proposed offering. Robert W. Baird & Co. and Canaccord Genuity Inc. are acting as co-managers.
