How’s next-gen biofuel maker Amyris (s AMRS) faring on its first day of trading? Not bad. Not rocking, but pretty steady.
Amyris’ 5.3 million shares were priced at $16 on Monday, below the expected range, and started trading at $16.50 this morning. By mid-morning, Amyris’ shares had jumped to as high as $17.42, but by later in the afternoon they were back down around $16.50. It’s a respectable first day or trading.
In comparison to some of the other greentech IPOs recently, Amyris’ is doing well. 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 (s mcp) priced its IPOs below expectations; and Shanghai’s geothermal company Nobao Renewable Energy gutted its march to the New York Stock Exchange. Tesla’s IPO, which priced above expectations and also soared on its first day or trading, has been the exception to the rule.
Despite the fact that Amyris hasn’t started selling its biofuel yet, and the bulk of its revenues come from selling other companies’ ethanol, Amyris has a wide range of impressive partnerships including with Brazilian sugar giants Usina São Martinho, Bunge Limited, Cosan and Açúcar Guarani, a subsidiary of Tereos. In addition, Amyris hooked up with French oil giant Total, which bought a 17 percent stake in the biofuel developer, as well as Soliance, Procter & Gamble Co. (s pg) and a subsidiary of Royal Dutch Shell.
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