Posted By RichC on May 27, 2011
I’ve been watching (but not participating) in the initial public offering of 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
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.”