Iowa-based biodiesel fuel company Renewable Energy Group Inc. is set to go public on Thursday and will be the first U.S. initial public offering in 2012, according to the Wall Street Journal. The company plans to sell 7.2 million shares of stock at a price between $13 and $15 to raise $101 million. It will list its shares on the Nasdaq under the symbol REGI.
Renewable Energy would be valued at about $401 million, or roughly 0.6 times revenue in the 12 months through September 30.
Major shareholders including Bunge Ltd., ED&F Man Holdings Ltd., NGP Energy Technology Partners, US Renewables Group LLC and West Central Cooperative may be offering an additional 342,860 shares, according to Reuters.
Renewable Energy is the largest producer of biodiesel in the United States and produces as much as 212 million gallons of biodiesel a year from animal fats, used cooking oil, soybean oil and other vegetable oils. It sold 22%, or 68 million gallons, of the total U.S. production of biodiesel in 2010, according to the filing.
Through Q3 2011, revenue nearly quadrupled to $557 million compared to the same period a year prior, but its profit loss was $27 million, compared to $25 million in the 2010 period.
UBS AG and Piper Jaffray Cos. are managing Renewable Energy’s offering.
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