Solazyme, a US-based developer of biofuels through the use of algae backed by a host of strategic investors, has nearly doubled the size of its planned flotation to $195m at the top of its price range.
In March, Solazyme aimed to raise $100m but now said it would issue 11.5 million shares, including 1.5 million if demand is strong enough as a so-called greenshoe allotment, at between $15 and $17 each. At the top end of its pricing range, Solazyme would have an initial market capitalisation of $965m.
The company said it had raised $129.3m in equity and its strategic investors were Bunge, Chevron, Unilever and San-Ei Gen, according to its regulatory filing.
Its other investors are family office Roda Group, investment bank Morgan Stanley and venture capital firms Braemar Energy Partners, Lightspeed Venture Partners, Harris and Harris Group, VantagePoint Venture Partners and Zygote Ventures.
Morgan Stanley and Goldman Sachs will underwrite the initial public offering.