Venture-backed Gevo Up in First Day of Trading

Shares of Gevo Inc., a manufacturer of renewable chemicals and biofuels, closed at $16.44, up 9.6%, after its first day of trading on the Nasdaq, Reuters reported. The company is backed by venture investor Khosla Ventures. Based in Englewood, Colo., Gevo plans to manufacture isobutanol, which can be used in blended fuels and the production of plastics, fibers and rubbers, Reuters said. Gevo said the proceeds of the IPO will help it acquire ethanol facilities and retrofit them for isobutanol production.

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