Ceres $132M IPO scheduled for February 9

February 3, 2012 |

In California, Ceres’ impending IPO has now been placed on the NASDAQ calendar for February 9th. The company says that it expects to raise up to $132 million, in sales of 5 million shares at in the $21-$23 price range, including the sale of up to 750,000 shares over allotted to underwriters. According to the company, its  initial large-scale commercial products will proprietary sweet sorghum varieties that can be used as a “drop-in” feedstock to extend the operating season of Brazilian sugarcane-to-ethanol mills, the operating days of which are currently limited due to the inherent limitations of sugarcane physiology.

The company will also offer dedicated energy crop varietals for the production of second-generation biofuels and bio-based chemicals, and biomass feedstocks for baseload utility-scale electric power. The company’s most recent annual report disclosed a loss of $36.3 million on revenues of $6.6 million, including $116,000 in sales and the remainder in government grants.

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Category: Fuels

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