Cut the crop: Arcadia Biosciences slashes proposed IPO size by 34%

Arcadia Biosciences, which is developing a portfolio of crop productivity traits for genetically modified seeds, lowered the proposed deal size for its upcoming IPO on Thursday.

The Davis, CA-based company now plans to raise $66 million by offering 8.2 million shares at a price of $8. The company had previously filed to offer 7.2 million shares at a range of $13 to $15. At the revised price, Arcadia Biosciences will raise 34% fewer proceeds than previously anticipated.

Insiders still intend to purchase $10 million on the IPO (15% of the deal).

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 this week.