Codexis is prepping its second try at an Initial Public Offering (IPO). This time around the Redwood, Calif., company will try to sell six million shares, priced between $13 and $15 per share, giving the company a potential market valuation of nearly $509 million.
Codexis does not manufacture biofuel but has engineered enzymes to convert organic materials — like wood chips, switchgrass, cornhusks, sugar cane — into ethanol. The company canceled its previous IPO attempt in 2008, which was set to raise $100 million.
According to PeHUB Codexis reported product revenue of $18.55 million in 2009, up from $16.86 million in 2008.
Since 2002 Codexis has raised over $80 million in venture capital. Besides Royal Dutch Shell investors also include CCTV Investments, CMEA Ventures, Pequot Capital, Bio*One Capital and Pfizer.