Imperium Renewables Withdraws IPO Plans

"Current market conditions" cited as reason for delay in biodiesel project expansion.

NEW YORK (Reuters) - Imperium Renewables Inc, the largest biodiesel producer on the U.S. West Coast, filed to withdraw its plan for an initial public offering, citing unfavorable market conditions.

"Given the current market conditions, our board has determined that it is not the right time to pursue a public offering," John Plaza, Imperium's founder, president and interim CEO, said in a release.

Plaza did not elaborate on market conditions. Prices for soy, one of the main sources of biodiesel, have shot to more than 30-year highs recently on growing global demand for food and fuel from alternative sources.

Imperium had filed with the U.S. Securities and Exchange Commission in May 2007 to raise as much as $345 million from its IPO.

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