Evogene embarks on US IPO
The Israeli biotechnology company, Evogene (Rehovot), aims to sell 5 million shares at $14.75/share through its initial public offering (IPO) on the US New York Stock Exchange. Monsanto has agreed to purchase 813,560 shares at the IPO price, amounting to some $12 million. As of June 30th, Monsanto held an 8.7% stake in Evogene (Agrow No 673, p 2). Shares were due to begin trading on November 21st and the IPO is expected to close on November 26th. Evogene intends to use about half of the proceeds from the IPO on its seed trait research, with the remainder being targeted at "ag chemicals" and biofuels (Agrow ibid).