Arcadia prices US IPO
The US plant biotechnology company, Arcadia BioSciences (Davis, California), has priced its initial public offering (IPO) of 8.2 million shares of common stock at $8 each. The shares began trading on the Nasdaq global market on May 15th under the symbol, RKDA, Arcadia says. The offering is due to close on May 20th, subject to customary closing conditions. Arcadia has granted the underwriters a 30-day option to purchase up to an additional 1,230,000 shares of common stock. The company initially sought to raise over $90 million from its IPO by offering 7.15 million shares at an estimated price of $13-15/share, with a 30-day option to the underwriters to purchase a further 1,072,500 shares.