OSLO, NORWAY — Biochemicals company Circa Group AS has successfully completed a private placement of 575 Norwegian Kroner (NOK) — approximately €56 million — in a transaction led by Pareto Securities and Sparebank 1 Markets in Oslo, at a post-money-market valuation of approximately NOK 2 billion (approximately €194 million). The company (ticker code: CIRCA) shares starts trading on Euronext Growth Oslo on March 2, 2021.
The company reports that the private placement attracted strong interest from global institutional investors and was more than 15 times oversubscribed (excluding pre-allocated shares). Cornerstone investors include BNP Paribas Energy Transition Fund, Delphi Fondene, DNB Asset Management, Handelsbanken Fonder, The Fourth Swedish National Pension Fund, Robeco Asset Management and Circa's industrial partner Norske Skog ASA.
Circa is a leader in the production of sustainable biochemicals. The company has a patented technology called Furacell™ for making the platform biomolecule Levoglucosenone (LGO), which is the base for a range of chemicals, including the green solvent Cyrene™. The proceeds from the private placement will be used to build the 1,000-tonne ReSolute plant in France and to further develop the company's portfolio of chemical derivatives. The ReSolute plant has received a €12 million flagship grant from the EU's Horizon 2020 program.
Tony Duncan, CEO and co-founder of Circa Group, said, "We are very appreciative of the incredible support shown towards Circa in our IPO. This has been a 15-year journey for a dedicated team and our partners. The Circa IPO initiates phase 3 of our development — the manufacture and commercialisation of the levoglucosenone biomolecule platform for industry — and is a positive signpost for the biomaterials industry as a whole. It is clear that consumers want better, safer, more sustainable products and brand owners need to respond before the regulators do."
Learn more at https://circa-group.com/.