24 Jun '11, 5pm

Kior Lowers IPO Price, But Stock Still Flat: Biofuels appear to be losing their appeal with investors. Kior,...

Kior Lowers IPO Price, But Stock Still Flat: Biofuels appear to be losing their appeal with investors. Kior,...

Image Credit: flickr, jurvetson Biofuels appear to be losing their appeal with investors. Kior, a company that claims it can make a synthetic version of petroleum out of wood and farm waste, sold 10 million shares of stock in an IPO yesterday for $15 a share, lower than the $19 to $21 price it had earlier anticipated. And today, on the first day of trading, the stock is snoozing at $15.02. The relatively uneventful IPO in part can be chalked up to the fact that Kior, like other biofuel startups going public, is not profitable, is not in commercial production, and will still need hundreds of millions more in capital to scale up to commercial production. Kior lost $45.9 million in fiscal 2010. Add on top of that the recent events in Washington. The U.S. Senate last week voted 72 to 37 to eliminate the 45 cent per gallon tax credit on biofuel and the 54 cent per gallon tariff...

Full article: http://www.greentechmedia.com/articles/read/kior-lowers-i...

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