Solazyme Surges 15% in Nasdaq Debut on Alternative Fuels Bet
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Solazyme Inc., the developer of oil products from genetically modified algae, jumped 15 percent in its first day of trading on increasing demand for renewable sources of fuel and specialty chemicals.
The company rose $2.71 to $20.17 in Nasdaq Stock Market trading, after being priced late last night at $18. South San Francisco, California-based Solazyme sold 10.975 million shares, raising $197.6 million, according to a regulatory filing.