Ceres, Inc. (NASDAQ: CERE) is getting off to a good start for new IPO investors. While the $13.00 price for 5 million shares was under the $16.00 to $17.00 range targeted just yesterday in a Dow Jones ‘price talk’ note, the deal did manage to pop with an opening price of $14.50 and a day’s trading range of $14.50 to $14.75. Based upon the pricing action seen so far today, it is safe to assume that the underwriters went ahead and exercised their greenshoe option of up to 750,000 shares of common stock at the same terms.
Ceres is an agricultural biotechnology outfit which markets seeds for energy crops used to make renewable transportation fuels, electricity, and bio-based products such as sweet sorghum, high-biomass sorghum, switchgrass, and miscanthus.
As of 3:10 shares are up 13.3% at $14.73 on just over 1 million shares. This is not exactly a hot IPO nor was it one that was widely followed ahead of time. This is one which appears to have snuck in under the radar for most IPO investors.
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