The GMO IPO: Arcadia Biosciences sets terms for $100 million IPO

Arcadia Biosciences, which is developing a portfolio of crop productivity traits for genetically modified seeds, announced terms for its IPO on Thursday.

The Davis, CA-based company plans to raise $100 million by offering 7.2 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Arcadia Biosciences would command a fully diluted market value of $576 million.

Arcadia positions itself as a next-generation seed trait developer and primarily targets abiotic productivity traits, such as nitrogen efficiency, water efficiency, salinity tolerance and heat tolerance.

Arcadia is backed by Moral Compass Corporation, the investment firm led by the founder of Apollo Group (NASDAQ: APOL).

Arcadia Biosciences, which was founded in 2002 and booked $7 million in revenue for the 12 months ended December 31, 2014, plans to list on the NASDAQ under the symbol RKDA. Credit Suisse, J.P. Morgan and Piper Jaffray are the joint bookrunners on the deal. It is expected to price during the week of May 11, 2015.