By Colin Kellaher

Zymergen Inc. on Wednesday said it plans to sell 13.6 million shares at between $28 and $31 apiece in its initial public offering.

At the $29.50 midpoint of that range, the Emeryville, Calif., developer of microbes for products including optical films and insect repellent said it expects net proceeds of about $367.9 million, or roughly $423.9 million if the underwriters exercise an option to buy an additional 2.04 million shares.

Zymergen said it plans to use the net proceeds for continued investment in commercializing its existing products, launching products in its pipeline, and furthering the development of its "biofacturing" platform and technology.

In a filing with the U.S. Securities and Exchange Commission, Zymergen said it would have about 97.5 million shares outstanding after the IPO, assuming exercise of the overallotment option, for a market capitalization of roughly $2.87 billion at the $29.50-a-share pricing midpoint.

SoftBank Group Corp., which currently owns a 32.8% stake in Zymergen, will still hold a 27.8% interest after the IPO, according to the SEC filing.

Zymergen said it has applied to list its shares on the Nasdaq Global Select Market under the symbol ZY.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

04-14-21 0708ET