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Circa Group completes IPO and starts trading on Euronext Growth Oslo

Norway-headed biotechnology and biochemicals company Circa Group AS has announced that it has successfully completed a private placement of NOK 575 million (≈ EUR 56 million) in a transaction led by Pareto Securities and Sparebank 1 Markets in Oslo, Norway at a post-money market valuation of approximately NOK 2 billion (≈ EUR 194 million).

The FC5 commercial demonstration plant.

The FC5 commercial demonstration plant at Norske Skog Boyen mill in Tasmania, Australia (photo courtesy Circa Group).

Circa Group was founded in 2006 and converts cellulose from waste, non-food biomass into advanced bio-based chemicals with its proprietary “Furacell” process. Having recently reorganized the company’s legal structure it has also relocated the headquarters from Australia to Norway.

Circa Group’s developing product portfolio includes flavours, biopolymers, and bio-solvents including “Cyrene”, an alternative to traditional polar aprotic solvents, which is produced in one step from platform biomolecule Levoglucosenone (LGO).

According to a statement, the private placement attracted “strong interest from high-quality and 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 Group’s industrial partner Norske Skog ASA.

In addition, the company shares began trading on Euronext Growth Oslo in Norway on March 2, 2021.

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 EUR 12 million flagship grant from the EU’s Horizon 2020 programme (H2020).

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 commercialization 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, commented Tony Duncan, CEO, and Co-founder of Circa Group.

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