Ceres Inc. reduced the estimated price range of its initial public offering of 5 million shares to a range of $16 to $17 each.
Last month, the agricultural biotechnology company said it expected the IPO to price between $21 and $23 a share.
Volatile markets have made it difficult to pitch and price debuts of late. Despite healthy interest in technology companies, like the recent IPOs of Groupon Inc. (GRPN) and Zynga Inc. (ZNGA), investors remain selective about which new stocks they are willing to bet upon.
Ceres initially filed plans in May for an estimated IPO of $100 million to fund seed production and cover commercialization expenses, among other goals.
Ceres sells seeds to produce renewable biomass feedstocks. It markets and sells sweet sorghum seeds in Brazil and switchgrass and high biomass sorghum seeds in the U.S.
The company is in the early stages of commercialization and hasn't achieved profitability.
Ceres has applied to list on the Nasdaq Global Market under the symbol CERE.
website: http://www.ceres.net/
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