Update: Reuters reports that according to an underwriter Amyris priced its IPO at $16, below its planned range of $18 to $20 per share. We’ll bring you more in the morning.
Next-gen biofuel producer Amyris plans to officially price its shares for its IPO today, and will start trading Tuesday on the NASDAQ. According to a release put out this afternoon, Amyris CEO John Melo will preside over the closing NASDAQ bell on Tuesday, and according to the company’s latest S-1, Amyris is expected to use the trading symbol AMRS.
Amyris filed its original S-1 back in April, signaling its plans to IPO on the NASDAQ this year. Just two weeks ago, the seven-year-old company amended its S-1 to estimate the IPO price between $18 to $20 per share, which at the top range would raise up to $122 million. That range was a slight boost from its previously planned maximum offering of $100 million back in April.
If Amyris’ IPO is priced in the mid-range at $19 per share, the company says its net proceeds of the offering will be $89.1 million, after deducting “estimated underwriting discounts and commissions and estimated offering expenses payable by us.” The company plans to spend that money on factory equipment it hopes will bring its technology to commercial scale.
Yes, Amyris is not producing its next-gen biofuel at commercial scale yet, and doesn’t plan to do so until 2011. The company booked its first revenue from a $24.3 million federal grant, awarded on a conditional basis late last year, in May. A good chunk of Amyris’ current revenues comes from reselling ethanol produced by other companies.
According to the latest filing, Amyris brought in revenues of $26.36 million for the first six months of the year, and had a net loss of $36.53 million. Backed by more than $244 million from a long list of investors, including Khosla Ventures and Kleiner Perkins, Amyris says as of June 30, 2010, it had accumulated a deficit of $156.5 million.
A positive first day of trading might be somewhat rare in these current market conditions. A variety of greentech companies have abandoned offerings or suffered weak IPOs; Tesla was the exception. Thin-film solar firm Trony Solar dropped its IPO plans in August, Solyndra withdrew its much-anticipated IPO earlier this year, rare earth element developer Molycorp priced its IPOs below expectations, and Shanghai’s geothermal company Nobao Renewable Energy gutted its march to the New York Stock Exchange, too. Another next-gen biofuel developer, Gevo, filed an S-1 earlier this year, planning to raise up to $150 million in an IPO, but at least one analyst thinks Gevo will likely raise closer to between $80 million and $100 million.
For more research on cleantech financing check out GigaOM Pro (subscription required):
- Cleantech Financing Trends 2010 & Beyond
- Smart Algorithms: The Future of the Energy Industry
- Renewable Energy Charging Up Electrical Transmission Tech