Marrone Bio Innovations, a producer of bio-based pest management and plant health products, raised $57 million by offering 4.8 million shares (550,000 more than expected) at $12, below the range of $14 to $17. The proceeds raised were 12% lower than expected. The company commands a market value of $226 million and an enterprise value of approximately $178 million. Marrone Bio Innovations will list on the NASDAQ under the symbol MBII. Jefferies & Co. and Piper Jaffray acted as lead managers on the deal.
