KiOR, which is developing a platform to convert non-food biomass into fuel blendstocks, raised a lower-than-expected $150 million by selling 10 million shares at $15.00, below its originally planned price range of $19 to $21. At its $15 offer price, KiOR will command a market capitalization of roughly $1.7 billion. Backed by clean energy focused venture firm Khosla Ventures, KiOR joins a wave of biofuel IPOs that have listed on US exchanges in recent months, including Solazyme (SZYM), Gevo (GEVO), Amyris Biotechnologies (AMRS) and Codexis (CDXS). Solazyme, which went public in late May, is currently trading 18% above its IPO price.
KiOR will begin trading on Friday on the NASDAQ under the symbol KIOR. Credit Suisse, UBS Investment Bank, and Goldman, Sachs & Co. acted as lead managers on the deal.
