EcoSynthetix Raises $100M in TSX IPO

8/23/11

On August 4, Lansing, MI- and Burlington, ON-based renewable chemical company EcoSynthetix announced it had closed its initial public offering priced at $9 per share in Canadian dollars, for proceeds totaling $100.35 million. The common shares trade on the Toronto Stock Exchange under the symbol “ECO.”

EcoSynthetix is the inaugural portfolio company of the InvestMichigan! Growth Capital Fund, part of the 2008 economic initiative created by then-Gov. Jennifer Granholm. Growth capital investments are made across a broad range of sectors in companies that have enterprise values of less than $200 million and are located in Michigan, have their corporate headquarters in Michigan, have a significant number of employees based in Michigan, or are in the process of planning an expansion and/or relocation to Michigan. The fund is managed by Beringea and Credit Suisse’s Customized Fund Investment Group.

Sarah Schmid is the editor of Xconomy Detroit. You can reach her at 313-570-9823 or sschmid@xconomy.com. Follow @

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