Mission NewEnergy Limited, a producer of Jatropha-based biodiesel with 105 million gallons of annual production capacity, announced terms for its IPO on Friday. The Australia-based company plans to raise $50 million by offering 4.5 million shares at a price range of $10 to $12. At the mid-point of the proposed range, Mission NewEnergy will command a market value of roughly $147 million. Mission NewEnergy, which was founded in 2005 and booked $15 million in sales for the 12 months ended June 30, 2010, plans to list on the NASDAQ under the symbol MNEL. Chardan Capital Markets and Rodman & Renshaw are the lead underwriters on the deal.
