Mission NewEnergy Limited, an Australian development-stage producer of Jatropha-based biodiesel, lowered the proposed deal size for its upcoming IPO on Monday. The Osborne Park, WA, Australia-based company now plans to raise $25 million by offering 2.8 million shares at an estimated price of $9 per share. The company had previously filed to offer 4.5 million shares at a range of $10 to $12. At the mid-point of the revised range, Mission NewEnergy Limited will raise -50% fewer proceeds than previously anticipated. Mission NewEnergy Limited, 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.
