BioFuel Energy, which is building three plants to produce ethanol for Cargill, cut the expected price of its IPO on Wednesday morning. The company had originally planned to price its 9.5 million shares at a price between $16.00 and $18.00; on Monday it lowered the range to $13.00 to $14.00, and on Wednesday it announced that it expected to price its shares at $10.50 each. BioFuel Energy expects to sell 5.25 million shares to the underwriters, and 4.25 million to Greenlight Capital, Third Point, and its Chairman in a private placement. JPMorgan, Citi, and A.G. Edwards are the bookrunners on the deal.
