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Marrone seeks to raise $60-70 million from IPO

The US biopesticide company, Marrone Bio Innovations (MBI - Davis, California), is seeking to raise approximately $60-70 million from its proposed initial public offering (IPO) of common stock. The company filed a registration statement with the US Securities and Exchange Commission in relation to the IPO earlier this month (Agrow No 668, p 2). A preliminary prospectus issued by one of the underwriters, Piper Jaffray & Co, indicates that MBI aims to sell 4.2 million shares of common stock on the Nasdaq Global Market at $14-17/share.  At the completion of the offering, there will be some 16.9 million shares of MBI common stock outstanding, assuming that the underwriters do not exercise their 30-day right to purchase 630,000 additional shares.  In addition to the 2 million shares subject to stock options outstanding as of March 31st 2013, options to purchase just under 1.1 million shares were vested as of that date and will be eligible for sale 180 days after the IPO date, which has yet to be set.



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