Ceres, which sells seeds used to produce renewable bioenergy feedstocks, raised $65 million by offering 5 million shares at $13, 21% below the midpoint of the revised $16-$17 range. The company had originally been seeking a price of $21-$23, resulting in a final deal size 41% lower than that originally expected. According to a free writing prospectus filed on February 17, existing shareholders were expected to purchase 1 million shares, or 20%, of the IPO. Ceres plans to list on the NASDAQ under the symbol CERE. Goldman, Sachs & Co., Barclays Capital acted as lead managers on the deal.
