KiOR raises target to $241M from upcoming biofuels IPO

June 13, 2011 |

In Texas, KiOR said that it now expects to raise $190-$241 million in its IPO. The company indicated in an amplified registration statement with the SEC that it expects to sell up to 11.5 million shares (including over-allotments, if sold) between $19 and $21 per share. The IPO originally aimed to raise $100 million, but was boosted earlier this month to a maximum of $200 million.

Credit Suisse, UBS and Goldman Sachs are running the offering for the pyrolysis-based biofuels company, backed by Vinod Khosla.

In an unusual feature of the IPO, 13 shareholders who participated in  the company’s Series A and Series B capital rounds will retain up to  95% of the voting rights while retaining 61% of the stock.

Another unusual feature: “Khosla Ventures II, L.P. has agreed not to sell any of the 46,259,738 shares of our common stock that it beneficially owns, representing approximately 47% of our outstanding common stock immediately prior to this offering, for a period of 360 days after the date of this prospectus.”

Category: Fuels, Top Stories

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