Biodiesel maker Imperium withdraws IPO plans

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.

The company was seeking a Nasdaq listing under the symbol

"IMPR."

In late December, Martin Tobias left his role as chief executive and chairman of the Seattle, Washington-based company, but no explanation was provided for the former Microsoft Corp (MSFT.O) manager's departure.

Imperium opened a 100 million-gallon-per-year biodiesel plant in Washington state last year, the country's largest facility to make the fuel.

The company's lead investor is Technology Partners, which is joined by Nth Power and funds affiliated with: Ardsley Partners, Attractor Investment Management Inc, BlackRock Investment Management Ltd, Capricorn Management, LLC and others.

(Reporting by Aditi Samajpati in Bangalore; Timothy Gardner in New York, editing by Matthew Lewis)