Many companies have filed plans to go public in recent months to take advantage of a wave of stock flotations, though some still found demand lacking.
The company, which grows commercial forestry seedlings for customers in the pulp and paper and wood-products industries, in April had filed for an IPO of about 5.1 million shares priced at $16 to $18 apiece. In October, it had registered to raise up to an estimated $75 million in its debut.
ArborGen planned to use its IPO to help pay down debt and fund its expansion. The company said it might undertake a later private offering.
In filings with the Securities and Exchange Commission, the company has said its biotechnology expertise--which helps grow more consistent higher-yielding trees faster, according to the company--would revolutionize standards for the forestry industry and associated biopower providers.
ArborGen has never been profitable. In the nine months ended Dec. 31, its loss widened as revenue jumped 16% but expenses also rose.
Based in Summerville, South Carolina, ArborGen (proposed ARBR) scheduled an $87 million IPO with a market capitalization of $476 million at a price-range mid-point of $17 for Tuesday May 10, 2011.
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