Algae based biofuel company Solazyme goes public

Posted By on May 27, 2011

I’ve been watching (but not participating) in the initial public offering solazymelogoof Solazyme (SZYM), one of the first algae based biofuel companies to come to the market. Although they haven’t been trading for much more than an hour, the price well well above their $10 target and $19.70 open. As I post this over my lunch at 12:20 EST, shares are trading $21.43.

They are a one of the leaders in making fuel from algae and have worked with the US Navy as well as a couple big corporations: Chevron, Dow Chemical and Unilever. With all the buzz in their attempt to raise the $100 million, management must be thrilled with their IPO generating almost twice that – $197 million. Now to see they and generate enough business and fast enough advancements with this new capital.

CNBC: Solazyme (SZYM) IPO interview

 

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According to TheStreet.com, “the energy IPO market played out according to plan this week, with the buzz surrounding the Solazyme deal leading to the better-than-expected pricing. Solazyme was the energy IPO of the week.”

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  • Solazyme, Inc. Announces Exercise of Over-Allotment Option

    SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Solazyme, Inc. (NASDAQ: SZYM), a renewable oil and bioproducts company, announced the closing of its initial public offering of 12,621,250 shares of common stock at $18.00 per share. The closing includes the exercise in full of the underwriters’ overallotment option on the first day of trading, bringing total gross proceeds raised to $227.2 million. The offering included 600,000 shares sold by selling stockholders.

    Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co.
    acted as joint book-running managers for the offering. Jefferies &
    Company, Inc. acted as lead manager, and Pacific Crest Securities LLC and Lazard Capital Markets LLC acted as co-managers.

    This press release does not constitute an offer to sell or a
    solicitation of an offer to buy any securities, nor shall there be any
    sale of these securities, in any state or other jurisdiction in which
    such an offer, solicitation or sale would be unlawful prior to
    registration or qualification under the securities laws of any such
    state or jurisdiction.

    A copy of the prospectus relating to the offering may be obtained by
    contacting Morgan Stanley & Co. Incorporated, Attn: Prospectus
    Department, 180 Varick Street, New York, NY 10014; or Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com.

    About Solazyme, Inc.

    Solazyme, Inc. is a renewable oil and bioproducts company that
    transforms a range of low-cost plant-based sugars into high-value
    tailored oils. Headquartered in South San Francisco, Solazyme’s
    renewable products can replace or enhance oils derived from the world’s three existing sources – petroleum, plants and animal fats. Initially, Solazyme is focused on commercializing its products into three target markets: (1) fuels and chemicals, (2) nutrition and (3) skin and personal care. Solazyme’s oils and fuels provide compelling solutions to increasingly complex issues of fuel scarcity, energy security and environmental impact while fitting into the pre-existing multi-trillion dollar fuel infrastructure. For more information, please visit our website: http://www.solazyme.com

Desultory - des-uhl-tawr-ee, -tohr-ee

  1. lacking in consistency, constancy, or visible order, disconnected; fitful: desultory conversation.
  2. digressing from or unconnected with the main subject; random: a desultory remark.