Greengrass Seeds Inc. to IPO for $12.4B
Greengrass seeds, Inc. is expected to be spun off from its parent company, Greengrass, Inc., for $1.4 billion, a person familiar with the matter said on Friday.
The person, who was not authorized to discuss the transaction and spoke on condition of anonymity because the matter is private, said the transaction could be completed by the end of March.
The transaction is expected for about $12 per share.
The company was spun off in August 2014, and the company is now owned by Greengrass’s founder, Scott Green, and has its own board of directors.
Investors included private equity firms such as Blackstone Group LP, Blackstone Capital LP, KKR, BlackRock Inc., BlackRock Partners LP and J.P. Morgan Chase & Co. The New York Times reported in March that Greengrass was preparing to spin off its operations into a new company.
The spinoff will take place in 2019, when the company expects to sell off all of its assets, the person said.
The timing of the deal is not clear.
Greengrass shares rose 2.7% to $11.30 on the New York Stock Exchange on Friday morning.
The Nasdaq composite index gained 4.4% to 6,878.14.
The Dow Jones Industrial Average gained 4% to 20,527.07.
The S&P 500 index of small-cap stocks fell 0.7%.