Industry News

Gevo Inc's Shares Gain 11 % in Nasdaq Debut

Published on 2011-02-11. Author : SpecialChem

Shares of Gevo, a renewable chemicals and biofuels company, were up 11 percent to $16.65 after rising as high as $17.50 in busy early NASDAQ trading. Gevo, Inc. announced that the pricing of its initial public offering of 7,150,000 shares of its common stock, at $15.00 per share, raised $107.25 million. It had planned to sell shares for $13 to $15 each. The net proceeds to the Company from this offering are expected to be $95.7 million, after deducting underwriting discounts and other estimated offering expenses.

Gevo has granted the underwriters an option to purchase up to an additional 1,072,500 shares at the initial public offering price to cover overallotments, if any. The common stock will trade on the NASDAQ Global Market under the symbol "GEVO."

UBS Investment Bank, Piper Jaffray and Citi are acting as the joint book-running managers, with Simmons & Company International acting as a co-manager for the offering.

A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission.

About Gevo

Gevo is developing capital efficient biorefinery systems to provide renewable, cost-effective building block products to the fuel and chemical industries. Gevo seeks to convert renewable raw materials into isobutanol and renewable hydrocarbons that can be directly integrated on a "drop in" basis into existing fuel and chemical products to deliver environmental and economic benefits. Gevo is committed to a sustainable biobased economy that meets society's needs for plentiful food and clean air and water.

Written by: SpecialChem Editorial Team (based on information displayed on www.gevo.com; http://www.reuters.com/)

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