Wednesday, February 9, 2011
Gevo Raises $107M In IPO
Gevo, the biofuels technology startup spawned out of technology at Caltech and UCLA, has raised $107M in an IPO this morning. The firm, which is now based in Colorado, debuted on the Nasdaq Global Market Wednesday morning as GEVO, debuting at $15.00. The stock was trading as high as $17.50 in morning trading. GEVO priced at the high end of its estimated pricing range of $13 to $15, selling 7.5 million shares of its common stock. Gevo develops process technology which converts renewable feedstocks into isobutanol, which can be used for plastics and fuel. Gevo was originally based in Pasadena, and was venture backed by Khosla Ventures and Virgin Fuels.