According to several sources, Mascoma Corporation has withdrawn its registration for its planned initial public offering (IPO). The company had hoped to raise as much as $100 million through the offering. The biofuel company has been focused on developing enzymes for breakdown of sugars in the cellulosic ethanol production process.
In a filing, the company said it had determined not to proceed at this time with the offering due to market conditions. Mascoma is the fourth biofuel company to cancel or delay IPO’s since last year. Enerkem Inc. canceled its planned IPO in April, followed by Fulcrum BioEnergy Inc. in November, and Coskata Inc. shelved its deal in July.