Renewable Energy Group cancels $150 million IPO, citing market conditions

In Iowa, Renewable Energy Group cancelled its $150 million IPO, citing poor market conditions. The company had hoped to use proceeds from the IPO to fund one-third of the construction costs of 180 Mgy in new production capacity at three locations. The company has two 60 Mgy plants under construction in Louisiana and Kansas, owns a 12 Mgy plant, and operates three other plants for other owners with a 120 Mgy capacity.

Last January, Imperium Renewables  canceled its planned IPO due to “unfavorable market conditions.” The company had planned a $345 million IPO in May that would have financed the construction of three new biodiesel plants, including a $90 million project with Hawaiian Electric. Just before Christmas, Martin Tobias resigned as CEO of Imperium Renewables, the owner of the world’s largest operating biodiesel facility, the 100 Mgy plant at Grays Harbor, WA.

Earlier in 2007, Cosan, the Brazilian ethanol giant, completed a $1 billion IPO in New York.

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