Less than six months after filing to go public, Codexis, one of several makers of microbes and catalysts used to generate green fuels and chemicals, debuted on the Nasdaq this morning under the symbol CDXS. But the news is bittersweet for the cleantech sector. Yes, the company made it to market — but it only fetched $78 million in what it expected to be a $100 million sale.
Based in Redwood City, Calif., Codexis sold 6 million shares to its existing investors for $13 each (instead of $15). Its most significant backer, Royal Dutch Shell, is holding on to its sizable stake. Today’s IPO is the culmination of a long journey for both the company and its investors, who had originally planned to take it public two years ago before the economic downturn set in.
While it may not have performed as hoped, Codexis still marks the first IPO of 2010 for the green sector, which could open the floodgates for more. And at least it beat biofuel competitor Amyris Biotechnologies, which just filed, to market. Both cylindrical solar module maker Solyndra and electric car darling Tesla Motors have filed to go public as well this year. Smart Grid networking company Silver Spring Networks has also retained underwriters for a prospective IPO.
CDXS closed at $13.26 after opening at $13.
Amryis is in Emeryville and has a LBL synthetic biologist as a founder, fwiw.
How the CleanTech guys do in their IPOs will be interesting: it's being touted as the next boom for the Bay. I have a nontrivial interest in Tesla going public. No, no, not because I have money in it. That's all I am going to say.
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