Codexis, the biotech company backed by Royal Dutch Shell and Pequot Capital, is on the starting blocks, set to issue shares this week as part of a much anticipated $84 million Initial Public Offering (IPO). the share sale could happen Thursday.
The Redwood City, Calif., company does not produce biofuel but manufactures synthetic enzymes that convert organic materials � like wood chips, switchgrass, cornhusks, sugar cane � into biofuel. The process can also be used for the pharmaceutical indusry.
Credit Suisse and Goldman Sachs is the lead underwriter. Shares were priced at a range of $13 to $15. This is the second try at an IPO for Codexis which withdrew its previous IPO in 2008 because of the dire market conditions.
The share offering could act as a barometer of investor appetite for cleantech stocks.� Green-sector companies are eager to take advantage of the improving market conditions. Friday Amyris, a developer of sugar-based second generation biofuel, filed an S-1 with the SEC for a $100 million IPO — see our story below.
Other expected share sales include the $300 million offering of solar panel maker Solyndra (lead underwriters: Goldman Sachs and Morgan Stanley.). As well as the $100 million offering of electric car maker Tesla Motors (lead underwriters: Goldman Sachs, Morgan Stanley, JP Morgan and Deutsche Bank Securities ).