Biofuel Prices Very Low IPO

Biofuel Energy Corp., a Denver-based ethanol producer, raised $55 million in its IPO, by pricing 5.25 million common shares at $10.50 per share. It originally filed to raise $300 million, by pricing 9.5 million shares at between $16 and $18 per share (later revised downward to $13-$14). The IPO gives BioFuel a market cap of around $340 million. It will trade on the Nasdaq under ticker symbol BIOF, while JPMorgan, Citigroup and A.G. Edwards served as co-lead underwriters. Shareholders include Greenlight Capital, Third Point Partners and Cargill Inc.