On October 18, an interview with CHITOSE Group CEO Tomohiro Fujita and CFO Masayuki Imai was featured in “Mergermarket,” an online media specializing in M&A. The head office of CHITOSE BIO EVOLUTION PTE. LTD. in Singapore is considering raising funds of over 10B JPY in 2025. The funds raised will be used to expand the scale of microalgae production in Malaysia and to develop microalgae-derived products. Furthermore, the funds will be utilized to strengthen the organization in preparation for the initial public offering (IPO) on NASDAQ before 2027.

CHITOSE Group launched the MATSURI project in 2021 to build a new microalgae-based industry to replace fossil fuel-derived industries. In March 2023, Chitose Laboratory Corp., the core corporation of the group, was selected as a prospective implementing agency by New Energy and Industrial Technology Development Organization (hereinafter “NEDO”). The total project cost is approximately 50B JPY (as of March 2023) from the Green Innovation Fund of the NEDO. CHITOSE BIO EVOLUTION PTE. LTD. subsequently has successfully concluded a total of 3.1B JPY capital increase through a third-party allotment in September of the same year. To achieve further fundraising, CHITOSE Group welcomes any companies as new investors that support MATSURI’s activities as potential ESG investment targets.

About the Article
Date: Wednesday, October 18, 2023
Headline: Chitose Bio Evolution plans JPY 10bn – JPY 13bn round, eyes Nasdaq IPO in 2027
https://mergermarket.ionanalytics.com/content/1003656903 (Available to members only)

Related Information
[Press Release] CHITOSE Group, Successfully Concludes Capital Increase of 21M USD Scale through Third-Party Allotment
[Press Release] CHITOSE Group, Successfully Concludes Capital Increase of 7M USD Scale from Shiseido and Forms Strategic Partnership ― Accelerate a Microalgae-based Circular Manufacturing in a Cosmetic Industry —
[External] Mergermarket