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Biofuel Developer Amyris Fetches $85m in IPO
Specialty chemical and biofuel developer Amyris Biotechnologies’ shares were up 7.8 per cent at the close of September as it fetched $85m in its initial public offering (IPO) on Nasdaq.
The company offered 5.3 million shares each at a price of $16 each, below the range of $18 to $20.
The company, which uses genetically modified yeast to make products for the fuel industry, reportedly plans to continue its growth through alliances with big-cap companies and has focused on Brazil’s vast resources of sugarcane.
It reportedly plans to use proceeds of the IPO for capital spending, working capital and corporate purposes, including the construction of engineering service capabilities to support sugar and ethanol mill conversion to integrate its technology.