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The Associated Press August 13, 2010, 8:00AM ET

Biofuel maker Gevo files for IPO worth up to $150M

Biofuels company Gevo Inc. filed for an initial public offering worth as much as $150 million.

The Englewood, Colo., company disclosed its plans Thursday in a filing with the Securities and Exchange Commission. It did not say how many shares it plans to sell or when it would file its IPO.

Gevo makes and sells isobutanol, which can be used as a specialty chemical or a solvent, or blended with fuels as a replacement for petroleum products. The company said isobutanol can be used in gas powered vehicles without modification. It can also replace fossil fuels in the making of hydrocarbon fuels, plastics, fibers, and rubber.

The company plans to use proceeds, along with cash on hand, to acquire access to ethanol facilities, for working capital and for other general corporate purposes.

The company plans to list its shares on the Nasdaq Global Market under the symbol "GEVO." The underwriters of the planned IPO are UBS Investment Bank, Goldman Sachs, and Piper Jaffray.

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