Codexis has dropped plans for an IPO, citing the current state of the public market. The company develops biocatalysts for biofuel, and is only the latest biofuel-related company to cancel a planned IPO. Renewable Energy Group did so in March and Imperium Renewables did the same in January.

The company had filed with the Securities and Exchange Commission to raise up to $100 million in the planned IPO. That paperwork was completed in April and named Credit Suisse and Goldman Sachs as the lead underwriters. Codexis planned to trade on the Nasdaq, using the symbol CDXS. The money raised from the IPO would have been used for working capital, general corporate purposes and potential acquisitions.

There has been a lot of discussion on how green investments are doing better than the rest of the market right now. The exception, to an extent, is biodiesel. Many biodiesel companies based in the Midwest were affected by the flooding earlier this year and that has trickled down the line to companies that support the biofuel industry, such as Codexis with its biofuel catalysts.

Codexis has not ruled out a later IPO.

Image — Codexis