Solazyme Jumping 17% In Debut

Solazyme Inc SZYM shares are jumping sharply higher on their first day of trading. Solazyme which turns sugar into algae into oil was brought public at $18 per share, above the expected range of $15 to $17. The company, which is based in South San Francisco, sold 10.975 million shares, raising $197.55 million. The company was brought public by Morgan Stanley and Goldman Sachs & Co.