Evogene pockets USD 84.8m from NYSE IPO

Nov 27, 2013 - Israeli firm Evogene Ltd (TLV:EVGN, NYSE:EVGN) said Tuesday it had raised USD 84.8 million (EUR 62m) gross from its initial public offering (IPO) in New York after the over-allotment option was exercised in full.

The biotechnology company, which is working to boost crop productivity for the food, feed and biofuels sectors, sold 5.75 million shares at a price per share of USD 14.75. The amount includes 750,000 of over-allotment stock. All shares were sold by Evogene.

Credit Suisse Securities and Deutsche Bank Securities were the joint bookrunners for the IPO. The company’s shares started trading on the New York Stock Exchange (NYSE) on November 21.

This autumn, Evogene said it was pleased with the results of three years of field trials in Brazil using its proprietary castor seeds and added that it planned to start commercialisation in 2016. Subsidiary Evofuel Ltd partnered with Brazilian agribusiness firm SLC Agricola SA (BVMF:SLCE3) to show that castor bean is an alternative feedstock for biodiesel production and other industrial applications. The Evogene unit intends to initiate advanced product development and pre-commercial trials from 2014 so as to be ready for the commercialisation effort later.

(USD 1 = EUR 0.735)

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