February 6, 2018 / 3:12 PM / 4 months ago

UPDATE 2-Argentine biotech firm Bioceres extends IPO for one day

(New throughout, adds details of IPO, Argentine economic context)

BUENOS AIRES, Feb 6 (Reuters) - Argentine biotechnology firm Bioceres SA on Tuesday extended by one day the offer period on its initial public offering in the U.S. market, as Wall Street shares edged higher after sharp recent losses but other global stock markets slid further.

The company did not explain in a letter to the local stock market regulator the reasons for the extension, which indicated the offering would close at 2:00 p.m. (1700 GMT) on Wednesday. The IPO is expected to be issued on Thursday.

U.S. stock indexes were higher at midday Tuesday, after sliding early in the session, but shares in Europe and elsewhere were down sharply. On Monday, the S&P 500 and the Dow notched their biggest one-day declines in more than six years.

Rosario-based Bioceres develops genes for soy, corn and wheat that withstand drought and cold temperatures. It makes insecticides, fungicides, bio-fertilizers and chemical-based fertilizers. It plans to list itself on the New York Stock Exchange, but it has been tough going for recent Argentina IPOs.

Argentina power generation company Central Puerto SA’s shares plunged on the Buenos Aires stock exchange on Friday under the weight of a weaker-than-expected debut price of its U.S.-listed stock.

The underwhelming debut came a day after airport operator Corporacion America Airports also priced its New York initial public offering below initial guidance, raising concerns that higher U.S. bond yields could sour prospects for a wave of Argentine companies racing to list shares on global markets

The indicated price range for the Bioceres IPO is $10 to $12 per share, the company said in an earlier letter to the Buenos Aires Stock Exchange. (Reporting by Walter Bianchi, writing by Hugh Bronstein; Editing by Andrew Hay and David Gregorio)

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