Shares of agricultural biotech Evogene rise after Israeli company's US IPO prices at $73.8M

NEW YORK, N.Y. – Shares of Evogene climbed in morning trading after the biotechnology company said it raised $73.8 million through its U.S. initial public offering.

Evogene’s offering of 5 million shares priced at $14.75 per share. Agribusiness giant Monsanto Co. is paying $12 million for 814,000 shares.

Evogene shares gained $1.30, or 8.8 per cent, to $16.05. Earlier the stock rose to $18.10.

The shares are trading on the New York Stock Exchange under the ticker symbol “EVGN.”

Evogene Ltd. is based in Rehovot, Israel, and focuses on developing new traits to insert into commercial crops such as corn and soybeans.

The underwriters of the IPO will have the option to buy another 750,000 shares to cover over allotments. Monsanto will own 9.4 per cent of the company if those shares are sold.