Bain-backed EcoCeres targets $1bn Hong Kong IPO

Renewable fuels producer EcoCeres is targeting a Hong Kong initial public offering that could raise around $1bn, with private equity investor Bain Capital expected to sell part of its stake, according to a report by Reuters citing unnamed people familiar with the plans.
The Hong Kong-based company, which specialises in sustainable aviation fuel (SAF), is aiming to complete the listing by the end of 2026, although the proposed offering size and timetable remain subject to market conditions and regulatory approvals.
Bain Capital, EcoCeres’ largest shareholder, is expected to use the IPO to partially monetise its investment, according to the sources. The private equity firm invested more than $700m in EcoCeres in 2022. Bain reportedly declined to comment.
The proposed flotation would provide a significant public-market test for EcoCeres as demand for SAF accelerates amid efforts by airlines, governments and regulators to reduce aviation emissions. Singapore, Japan and the European Union are among the jurisdictions that have introduced or are implementing SAF blending requirements.
Deutsche Bank, HSBC, Morgan Stanley and UBS are among the banks working on the potential transaction, according to the sources.
EcoCeres has previously considered a London listing but subsequently shifted its focus to Hong Kong, one of the people said.
Founded within Hong Kong utility Towngas in 2008, EcoCeres produces renewable fuels using waste-based feedstocks including used cooking oil. The company has production facilities in Zhangjiagang in eastern China and Johor in Malaysia, with combined renewable fuels capacity of approximately 770,000 metric tonnes a year, according to its website.
Alongside Bain Capital, EcoCeres’ investors include Kerogen Capital, while Towngas remains one of the company’s principal investors.
The final offering structure, valuation, listing timetable and the size of Bain’s potential stake sale have yet to be determined.