Solazyme IPO nets $227.2 million

Filed under: Biodiesel, Emerging Technologies, USA

Solazyme, a renewable algae-based fuels company headquartered in San Francisco, CA, has announced the closing of its initial public offering (IPO). According to the renewable fuels firm, the company netted $227.18 million by letting 12,621,250 shares fly at a price of $18 per, above the previously estimated $15 to $17. Additionally, the underwriters exercised their 30-day option to purchase an additional 1,646,250 shares of common stock to cover over-allotments. The offering included 600,000 shares sold by existing stockholders.

In 2010, Solazyme reported total revenues of $38 million and a net loss of $13.7 million. Solazyme shares are currently trading at $22.30 on the NASDAQ Global Select Market under the ticker symbol of SZYM.

[Source: Solazyme]

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