Ceres float raises $65 million
US energy crop developer Ceres (Thousand Oaks, California) has floated on the US stock exchange. The company focuses on developing biomass feedstocks. Its sale of five million shares realised more than $65 million, significantly less than the $100 million it had hoped to raise. The company cut its mooted price of $21-23 per share last July ( Agrow No 618, p 28) to $16-17 in January and then $13 earlier this month. Monsanto already holds a 4.8% stake in the company.