KiOR shares flat in trading debut
(Reuters) - Shares of private-equity backed biofuels maker KiOR Inc KIOR.O had a muted opening in their market debut on Friday, a day after the company raised 25 percent less than it expected in its initial public offering.
Shares were up marginally at $15.07 in early trade on Nasdaq.
Pasadena, Texas-based KiOR, which uses non-food biomass such as wood chips and switch grass to make crude oil, priced its offering of 10 million shares at $15 each.
It had earlier planned to sell the shares for $19 to $21 each.
KiOR becomes the latest company to see its IPO's success hurt amid uncertainties in the U.S. economy.
Earlier this week, Vanguard Health Systems VHS.N priced its IPO below its filed range, raising 18 percent less than expected while oil and gas equipment manufacturer Stewart & Stevenson LLC postponed its IPO.
KiOR has reported a loss every year since its inception in December 2007, and expects to continue posting losses, according to filings with the U.S. Securities and Exchange Commission.
(Reporting by Brenton Cordeiro and Tanya Agrawal in Bangalore; Editing by Joyjeet Das)