Arcadia launches US IPO
The US plant biotechnology company, Arcadia BioSciences (Davis, California), is seeking to raise over $90 million from its initial public offering (IPO) of common stock. The company is offering 7.15 million shares at an estimated price of $13-15/share, with a 30-day option to the underwriters to purchase a further 1,072,500 shares. The company filed a registration statement with the US Securities and Exchange Commission in relation to a proposed IPO in February. Arcadia intends to use the net proceeds of the offering for general corporate purposes, including working capital, capital expenditures, further development and commercialisation of its products, and sales and marketing activities. It may also use some of the proceeds to expand its business through investments in complementary strategic joint ventures, products and technologies.