Monsanto entered the capital of Rosario Bioceres, the biotechnology firm that has been trying to go public for more than a year.
According to the National Securities Commission, Monsanto capitalized a debt of US $ 8.19 million that it had with Bioceres. In exchange, it received 1,035,398 new ordinary shares, with the right to one vote (2% of the capital). “The capitalization of the debts allowed to reverse the negative net worth of the company,” the company said in the statement.
Bioceres had planned to go public in New York in February, just as the rate hike of US bonds sank the Stock Exchanges. For the second time, the project to make an Initial Public Offering (IPO) was suspended due to the volatility of the markets and after two Argentine operations on Wall Street that were not what was expected: Central Puerto ended up placing the half of the papers that it was going to offer and a much lower price range, and Corporación América Airports had to resign at least US $ 2 in the price to finalize its exit.
Now in Bioceres are finishing updating the numbers, waiting for the market to stabilize. I would not go public before May.
As reported by the company at the time, the idea was to make “an offer of 11,818,182 writable shares, ordinary, nominal value $ 1 per share and / or concurrently (…) at the rate of one ADS for each share ordinary. ” The price range was going to be 10 to 12 dollars per share. The company planned to raise about US $ 120 million.