Codexis files for $100M IPO

Redwood City, Calif.-based Codexis, a developer of biocatalysts for the pharmaceutical and biofuel industries, filed with the U.S. Securities and Exchange Commission today to raise up to $100 million in an initial public offering.

The company plans to list on the Nasdaq under the symbol CDXS. Credit Suisse and Goldman Sachs were named as the lead underwriters on the share sale.

The terms of the offering have yet to be disclosed.

The filing comes at a shaky time for public offerings. Ralston, Iowa-based Renewable Energy Group withdrew its plans for a $150 million IPO last month, becoming the second biodiesel producer of the year to pull out of a share sale (see Renewable Energy Group cancels IPO).

Codexis was formed by Redwood City biotechnology firm Maxygen (Nasdaq: MAXY) in 2002. Maxygen holds 25 percent of Codexis.

Netherlands oil giant Royal Dutch Shell (NYSE: RDS.A) also holds a stake in Codexis, making an additional investment in the start-up last November (see Shell, Codexis in biofuels agreement).

Shell, which holds 13 percent of Codexis, said it would work with the company to develop enzymes that can be used to manufacture biofuels.

According to the IPO filing, Shell poured an additional $53.5 million into Codexis last November. Shell made an initial investment of $3 million in 2006 (see Shell partners with Codexis for next generation biofuel research).

Other Codexis investors includes the Economic Development Board of Singapore, CMEA Ventures, Pequot Capital Management and CTTV Investments.

In its filing, Codexis said it plans to use the cash raised in the planned offering for working capital and general corporate purposes.

"We may also use a portion of the net proceeds to acquire other businesses, products or technologies," said Codexis in its filing.

"However, we do not have agreements or commitments for any specific acquisitions at this time."

Cleantech developments making news in the past 24 hours

• AES raises $1.58B with China Investment
• Patently unobvious

View the last week of cleantech developments here | Subscribe to full feed