The Monsanto-backed biomass producer has lowered the range of its shares for its forthcoming IPO, with the mid-point decreasing from $22 to $16.50.
Agribusiness firm Ceres cut the range for its initial public offering (IPO) on Wednesday to $16-$17 per share, down from the $21-$23 range it proposed in a filing last month. The number of shares set to be issued has stayed steady at five million.
None of Ceres’ institutional shareholders, which include agribusiness corporation Monsanto, appear to be divesting stock in the offering. Monsanto, with which Ceres signed a $137m discovery and development deal in 2002, will hold about 4.8% of…
