February 9, 2011 / 1:06 AM / in 8 years

Gevo IPO prices at top of range-underwriter

NEW YORK, Feb 8 (Reuters) - Khosla Ventures-backed Gevo Inc priced shares in its initial public offering at the top of the expected range on Tuesday, an underwriter said.

The company sold 7.15 million shares for $15 each, raising $107.25 million. It had planned to sell shares for $13 to $15 each.

The company plans to make and sell isobutanol, which can be used in blended fuels as well as in the production of plastics, fibers and rubbers. The company, which has never posted a profit, plans to begin selling isobutanol commercially beginning in the first half of 2012.

Underwriters were led by UBS Investment Bank, Piper Jaffray and Citi. The shares are expected to begin trading on the Nasdaq on Wednesday under the symbol “GEVO”. (Reporting by Clare Baldwin; Editing by Gary Hill)

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