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Bakers advises biofuels US-based IPO
Baker & McKenzie has advised Australian renewable energy producer Mission NewEnergy Limited on its US$25m IPO in the United States.
The New Lawyer
LAW firm Baker & McKenzie has advised Australian renewable energy producer Mission NewEnergy Limited on its US$25 million initial public offer in the United States.
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The Australian biofuels provider has priced its IPO at $9 per share.
The 2.785 million shares started trading under the ticker symbol MNEL, the company said.
Mission NewEnergy is a vertically integrated biodiesel producer listed on the Australian Securities Exchange and is one of the world's largest Jatropha plantation companies. Jatropha Curcas is an inedible biofuel feedstock.
This transaction represents the first US initial public offer with listing on NASDAQ by an Australian company in 15 years.
Mission wants to expand its farming operations and build on its oil extraction facilities. Business Week reported that the company reported a net loss of $13.1 million for the six months ending 31 December, and an $86.3 million loss for the year ending 30 June 2010, according to a filing with the US Securities and Exchange Commission.
Sydney-based US corporate partner at Baker & McKenzie, Andrew Reilly, led the transaction.
Reilly said: "This transaction also demonstrates our one-stop shop capability, seamlessly providing US and Australian law advice to clients."
Baker & McKenzie has also recently advised other Asia Pacific renewable energy companies on US public offers and listings as they seek higher valuations in the United States, the firm said.
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