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Saturday, February 11, 2012

ceres inc. ipo stock symbol

ceres inc. ipo stock symbol ; Agricultural biotechnology company Ceres Inc., which had planned to raise up to $85 million in an initial public offering this week, will delay its IPO until next week, according to industry website Biofuels Digest.

The Thousand Oaks-based company earlier this week lowered its pricing for the IPO, with plans to sell 5 million shares at $16 to $17 a share, lower than its previous plan to sell them for $21 to $23 a share.

The shares were set to trade on the Nasdaq Stock Market under the symbol CERE.

The top end of the reduced IPO range would give Ceres a market value of $395.2 million, based on total expected outstanding shares of 23.2 million after the offering, according to Bloomberg. The company, which has been operating since 1997, has posted net losses since at least 2007, according to its filing. Revenue in the three months ended Nov. 30 rose 1.9 percent to $1.75 million from a year earlier.

All of the shares in the offering are being sold by Ceres. After the sale, Monsanto Co. will have a 4.8 percent stake in the company. Goldman Sachs Group Inc. and Barclays Plc. are acting as the lead underwriters to the offering. For the latest updates on the stock market, visit Stock Market Today
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