Gevo shares rise in market debut (AP)
NEW YORK – Shares of biofuels and renewable chemicals maker Gevo Inc. prefabricated their entry on the mart above the company's due commercialism price.
The stock rose $2, or 13.3 percent, to $17 in afternoon trading after the consort priced the initial public offering at $15, which was the top modify of its due range.
The Englewood, Colo., consort is commerce 7.2 meg shares and said it due $95.7 meg in proceeds after underwriting discounts and expenses are deducted. The underwriters of the offering module have the choice to buy another 1.1 meg shares.
Shares are trading on the Nasdaq low the symbolisation "GEVO".
UBS, Piper Jaffray, Citi, and Simmons & Co. International are every underwriters for the IPO.
The consort said its strategy is to delude bio-based alternatives to petroleum-based products. Markets for its products could include solvents, refiners, fuel, plastics, fibers, and rubber.
It plans on using the proceeds from the commercialism to add alcohol facilities, clear debt, and for working capital.
In 2010, the consort had most $2.3 meg in revenue on a mix of grants, licenses and alcohol income and related products.
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