(Reuters) - Agricultural biotechnology company Ceres Inc said it expects to sell 5 million shares in its initial public offering at $21 to $23 apiece.
The Boston-based company expects to raise about $97.8 million in the offering, partly for research and development and capital spending, and expects to list on the Nasdaq under the symbol “CERE.”
In May last year, the company had filed with the U.S. Securities and Exchange Commission for an initial offer worth up to $100 million. [ID:nL3E7GN1H3]
Ceres is a biotechnology company selling seeds to produce renewable bioenergy feedstocks that can enable the large-scale replacement of petroleum and other fossil fuels.
The company’s stockholders include private equity firms such as Warburg Pincus and Monsanto Co MON.N, none of whom are selling their shares in the IPO.
Goldman Sachs and Barclays Capital are acting as lead underwriters to the offering, the company said in a filing.
Reporting by Aman Shah in Bangalore; Editing by Sreejiraj Eluvangal