Synthesis Energy Systems, Inc. has filed to come public today via an initial public offering, and it will take the proposed ticker of "SYMX" on NASDAQ. The two underwriters listed in an offering for up to $100 million are listed as JPMorgan and Deutsche Bank Securities.
The company builds, owns and operates coal gasification plants that utilize the company’s own proprietary U-GAS® fluidized bed gasification technology to convert low rank coal and coal wastes into higher value energy products. This is for transportation fuels and ammonia.
The company is Houston-based as far as corporate headquarters and it has US-operations under development in West Virginia. In China, it has headquarters in Shanghai, and has operation in Zaoahuang City now and under development in the Henan Province. It also has operations being constructed in Inner Mongolia. You will want to read the prospectus if you are interested in this one because its operations are mainly operating interests in ventures.
As much of the current gasification projects are under development, its revenues for the 9-months ended March 31, 2008 were $39.879 million and the development and pre-operational costs have this one in the red as far as profits are concerned.
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Jon C. Ogg
May 20, 2008