Two companies filed for initial public offerings on Monday, betting that investors would see opportunity in the battered financial sector and the nascent green technology industry.

Financial software maker SS&C Technologies Holdings Inc filed for an initial public offering of up to $300 million and U.S. biotechnology company Codexis Inc filed for an IPO of up to $100 million.

IPO activity is widely expected to pick up in 2010, as the economy recovers and investors grow more comfortable with companies they may have deemed too risky in 2009. Investors may be willing to consider companies with shorter operating histories or with weaker balance sheets if they see strong growth potential, analysts say, but add that investors are still picky.

SS&C Technologies, whose software is used in trading, modeling and portfolio management and reporting, reported revenue of $199.9 million in the nine months ended September 30, down 5.6 percent from the same period a year ago. But it reported net income of $13 million, up 5.4 percent a year ago.

Codexis, which makes enzymes and microbes that make industrial processes cleaner and faster, sells its pharmaceutical products to drugmakers including Merck & Co, Inc , Pfizer Inc

and Dr Reddy's Laboratories Ltd . It is also working with Royal Dutch Shell on biofuel products, and is pursuing the carbon management, water treatment and chemical industries.

It reported a 24.3 percent year-on-year rise in product revenue to $13.4 million in the nine months ended Sept 30. Its net revenue, including money from partners like Shell, and government grants, rose 84 percent to $58.7 million.

Codexis reported a net loss of $15.1 million in the first nine months of 2009, narrower than its $38.8 million loss from a year ago.

SS&C Technologies and Codexis both said in regulatory filings with the U.S. Securities and Exchange Commission that they plan to use proceeds from their offerings for working capital and general expenses. SS&C Technologies said it would also use proceeds to redeem senior subordinated notes.

Shareholders in SS&C Technologies include funds associated with Carlyle Partners.

Shareholders Redwood City, California-based Codexis include Maxygen Inc, Biomedical Sciences Investment Fund, and funds associated with Shell, CMEA Ventures, FirstMark Capital and CTTV Investments.

SS&C Technologies' underwriters are being lead by J.P. Morgan; underwriters on the Codexis offering are being lead by Credit Suisse and Goldman Sachs.

(Reporting by Clare Baldwin; Editing by Richard Chang)

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