As expected this morning biofuel maker Codexis sold six million shares priced at $13 as part of its Initial Public Offering (IPO), raising $78 million. Shares sold on the low-end of the company’s $13 – to – $15 per share range. The company has an initial market cap of $441 million.
Credit Suisse led the IPO. Piper Jaffray, RBC Capital Markets and Pacific Crest Securities were co-managers.
Since 2002 Codexis has raised $80 million. Investors include Royal Dutch Shell, CCTV Investments, CMEA Ventures, Pequot Capital, Bio*One Capital and Pfizer. The company manufactures synthetic enzymes that convert organic materials — like wood chips, switchgrass, cornhusks, sugar cane — into biofuel. The process can also be used for the pharmaceutical indusry — see full press release.
Happy Earth Day!