Codexis files for IPO

During my previous interview with CEO Alan Shaw, Codexis mentioned its plans to file an initial public offering (IPO) and I guess this is as good time as any.

The company announced yesterday that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to the proposed IPO.

Various news reports indicate the company’s plan to raise $100m from the offering although no set date or number of shares were announced as of yet.

Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. will be acting as joint book-running managers, with RBC Capital Markets Corporation and Pacific Crest Securities LLC acting as co-managers for the offering.

Shares will trade on the Nasdaq Global Market under the symbol “CDXS.”

Codexis says it plans to use the funds from the IPO to fund working capital and corporate activities, potentially including acquisitions or increasing its production capacity.

Last week, Codexis acquired a 16.59% stake in Canadian company CO2 Solution for CDN$2m ($1.9m). The companies plan to develop and deploy CO2′s enzymatic carbon capture technology. CO2 Solution will be responsible for processes, testing and enzyme delivery systems, while Codexis responsible for enzyme development and manufacturing.

Codexis reported 2008 revenue of $50.5 million, and $58.7 million in the first nine months of 2009.The company reportedly lost $15.1 million from January to September this year.

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