Renewable fuel company Kior raises $138m from IPO
Renewable fuel company Kior has raised approximately $138m from a public offering of 10 million shares of Class A common stock. The average share price was $15, below the planned range of $19 to $21.
San Francisco-based hedge fund Artis Capital Management increased its holding in the company by purchasing 36,231 shares for a net purchase price of $5.5m. The fund already held a 41.6 per cent stake and now owns 19.22 million shares worth $289.45m.
The offering closed today and Kior has granted underwriters a 30-day option to purchase quantities of an additional 1.5 million shares for $15 each to cover over-allotments if required.
Kior intends to use the money raised to finance construction of its first commercial production facility in Mississippi, US and for capital expenditure
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