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BioFuel expects to raise $93 million from IPO

BioFuel Energy Corp., a development-stage ethanol producer, said it plans to sell 5.25 million shares at $10.50 a share in an initial public offering, below its expected IPO pricing range of $13 to $14 a share, according to Reuters.

In a regulatory filing, BioFuel said it will also sell 4.25 million shares in a private placement directly to affiliates of Greenlight Capital Inc., Third Point LLC and its chairman, Thomas Edelman.

The Denver, Colorado-based company expects to receive about $93 million in net proceeds, after deducting underwriting discounts and offering expenses.

BioFuel plans to use the net proceeds to fund the equity portion of the construction costs of its Alta plant and repay or defer debt.

Posted by   at 10:12 AM to Alternative fuels , Companies , Environment , Sales | Permalink

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