Stock offers for Innophos, Metabolix

Industrial phosphates maker Innophos Holdings has advanced plans to sell up to $150 million of stock in an initial public offering priced at $14-$16 per share. Innophos will use the proceeds from the sale of 6.6 million shares to reduce debt. Proceeds from another 2 million shares will go to private equity firm Bain Capital, which acquired Innophos from Rhodia in 2004. Separately, industrial biotech company Metabolix is moving ahead with plans for a $12-$14-per-share IPO that will raise as much as $93 million. Archer Daniels Midland has already agreed to purchase $7.5 million of the shares. Proceeds will aid a joint Metabolix-ADM plan to make polyhydroxyalkanoate plastics and a Metabolix plan to produce PHA and ethanol in a biorefinery.