Arcadia Biosciences Prices IPO Well Below Initial Range
May 18, 2015
Agriculture biotechnology company Arcadia Biosciences priced its IPO at $8 on Friday, well below its expected range of $13 to $15 from early last week. The company also bumped up its offering amount to 8.2 million shares (from 7.15 million) to raise roughly $66 million. Listed on the NASDAQ under the symbol RKDA, the stock dropped about 9% to $7.30 on its first day. Prior to the offering, Arcadia received VC funding from Mandala Capital (27.1% pre-IPO stake) and BASF Venture Capital, among others.