Renewable fuels company Mascoma withdraws IPO

By Renaissance Capital,

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Mascoma, which develops microorganisms that aid in the production of renewable fuels and chemicals, withdrew its plans for an initial public offering on Friday citing poor market conditions. Mascoma is the third biofuel company to withdraw its offering, following the failed IPO attempts by Enerkem (NRKM) and Fulcrum BioEnergy (FLCM), which withdrew in April and November, 2012, respectively. 

The Lebanon, NH-based company was founded in 2005 and booked $14 million in sales for the 12 months ended 9/30/2011. The company had not filed an updated amendment since March 2012.. Morgan Stanley, UBS Investment Bank and Credit Suisse were set to be the joint bookrunners on the deal.

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