Ceres (CERE) IPO Prices at $13, Well Below Expected Range

Ceres, Inc. (Nasdaq: CERE) priced its initial public offering of 5,000,000 shares of common stock at $13 per share, below the expected $15-$17 range. Shares are expected to open on the NASDAQ today at approximately 11AM ET under the symbol "CERE."

Goldman, Sachs & Co. and Barclays Capital acted as joint book-running managers for the offering and Piper Jaffray, Raymond James and Simmons & Company International acted as co-managers.

Ceres, Inc. is an agricultural biotechnology company that markets seeds for energy crops used in the production of renewable transportation fuels, electricity and bio-based products. Its development activities include sweet sorghum, high-biomass sorghum, switchgrass and miscanthus. Ceres markets its products under its Blade Energy Crops brand.

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