Who Wins in the Solazyme IPO?

It’s been a long time coming for algae oil and fuel maker Solazyme. The company’s co-founders Harrison Dillon and Jonathan Wolfson formed the company back in 2003 and over the past eight years have been building a business around creating an entirely new market of selling engineered, efficiently-produced algae to make cosmetics, biochemicals and ultimately fuel.
Friday morning, as Solazyme makes its debut on the Nasdaq, the company’s co-founders and investors are popping the champagne corks that the IPO was priced on the high end at $18 per share, and the company netted around $198 million. Now investors will clearly be hoping the stock stays at least as high as $18, and goes higher, between now and the 180-day lock-up period, which is the next time investors can get their money out. Wolfson and Dillon were able to offer 300,000 shares each in the offering, and at $18, that gives them $5.4 million each off the bat.
So who stands to gain and how much?
The Roda Group. Investment group The Roda Group, led by Roger Strauch and Dan Miller, owned 29.4 percent, or 13.93 million of Solazyme’s shares before the offering. At $18 per share, that’s worth $250.74 million. The Roda Group invested in Solazyme back in 2004 and led its Series A and B rounds, co-led the Series C round, and participated in the Series D round. The Roda Group also says Richard Branson invested in Solazyme’s Series D round through them.
The Co-Founders, Harrison Dillon and Jonathan Wolfson. Dillon and Wolfson managed to each keep 9.3 percent and 9.2 percent of the company, respectively, before the offering. They both sold 300,000 shares each in the offering, and retained 7.2 percent (4.16 million shares) and 7.0 percent (4.08 million) each. At $18 per share, Dillon’s shares are worth $74.95 million and Wolfson’s shares are worth $73.41 million.
Braemar Energy Ventures. Energy investors Braemar Energy Ventures owned 10.6 percent (or 5.02 million) of Solazyme’s shares before the offering, and it looks like they also owned another 5.4 percent (or 2.54 million shares) through “Solazyme Investments LLC.” (Not sure on this, so will update this if I know more). Those 5.02 million shares at $18 per share are worth $90.36 million. The 2.54 million shares are worth $45.72 million.

Lightspeed Venture Partners. Lightspeed owned 6 percent of Solazyme’s shares (or 2.82 million) before the offering, which is worth $50.76 million.
The Fiddler Group. The Fiddler Group owned 7.7 percent (or 3.65 million shares) of Solazyme’s shares before the offering, which is worth $65.66 million.