SoftBank-backed Zymergen files for $100 mln U.S. IPO

March 23 (Reuters) - Zymergen Inc, backed by SoftBank Group Corp Inc’s Vision Fund, is looking to raise around $100 million through an initial public offering in the United States, according to a regulatory filing on Tuesday.

The company did not reveal the number of shares it plans to offer for sale or the pricing, which means the $100 million figure is a placeholder amount and is likely to change when the company divulges the terms of its offering.

Founded in 2013, Zymergen is a science and material innovation company that develops and commercializes bio-based breakthrough materials using a proprietary biofacturing platform, according to its filing.

Biofacturing combines biology, machine learning and automation to create new materials, Zymergen’s website showed.

A string of tech companies backed by SoftBank’s Vision Fund filed to go public in recent months, some of which have already made their debut, such as South Korean e-commerce platform Coupang Inc.

California-based Zymergen launched its first product Hyaline - an optical film to help electronic companies to make foldable touchscreens - in December 2020.

It has not generated any revenue from its product sales yet, but garnered nearly $3.5 million from collaborations, its filing revealed.

Zymergen plans to list its shares on the Nasdaq under the ticker symbol “ZY”.

J.P. Morgan and Goldman Sachs are the lead underwriters for the offering. (Reporting by Sohini Podder in Bengaluru; Editing by Shinjini Ganguli)