Amyris shares climb on 1st day of trading after IPO prices below expectations

Amyris shares climb on first day of trading

INDIANAPOLIS — Amyris shares are rising in their market debut after the renewable products company priced an initial public offering of stock below the range it expected.

The Emeryville, Calif. company priced 5.3 million shares at $16 apiece, raising nearly $85 million. Amyris had hoped to sell the shares for between $18 and $20 each.

Amyris makes alternatives to petroleum-based products used in the specialty chemical and fuel markets. The company says it expects to use proceeds for working capital and to grow its chemistry capabilities, among other goals.

Amyris Inc. shares climbed 3.5 percent to $16.56 in afternoon trading and earlier traded as high as $17.44. The company’s shares are trading on the Nasdaq exchange under the ticker symbol “AMRS.”