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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Ceres (NASDAQ:CERE) is a biotechnology company which focuses on agriculture. Ceres sells seeds used to grow plants dedicated for use as biofuel. The seeds Ceres makes are bred to have low inputs, are weather hardy, and can grow at large scales. These dedicated plants compete with corn and sugarcane which are often used as fuelstock.[1]
Business Overview
For the full year ended in August 2011, Ceres reported a total revenue of $6.6M. During the period, the company reported a net loss of $36.3M. This compares with $6.6M in revenue in 2010 and a net loss of $22.6M. The majority of the revenue was from collaborative research and government grants while the largest cost was from research and development. [2]
New Updates
The company's initial public offering of stock on the NASDAQ occurred on February 21, 2012. The company offered 5M shares each for $13. This was below the $16-$17 revised price range. The company was originally planning to price between $21-$23. The deal raised a total of $65M. The lead mangers of the deal were Goldman Sachs Group (GS) and Barclays.[3]
Trends & Forces
Dependence on Government Grants
Historically, much of Ceres' revenue has been from government grants. This is part of the US government's goal to encourage the growth in biofuels. If these subsidies are removed, then Ceres will be impacted. This could happen if alternate forms of energy are discovered or if demand for a decrease in overall government spending rises. [4]
- ↑ CERE S-1/A 2012 PROSPECTUS SUMMARY "Our Company" pg 1
- ↑ CERE S-1/A 2012 PROSPECTUS SUMMARY "SUMMARY CONSOLIDATED FINANCIAL DATA" pg 10
- ↑ Renaissance Capital - IPO Home "Ceres prices IPO at $13, below revised range; insiders expected to have purchased 20% of the deal" 22 Feb 2012
- ↑ CERE S-1/A 2012 PROSPECTUS SUMMARY "RISK FACTORS" pg 13-21
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