REG ups IPO target to $124M, biodiesel on the march

In Iowa, the Renewable Energy Group now plans to launch its Nasdaq Global Market IPO at between $13 and $15 a share. The maximum proceeds from the offering are expected to be $124.2 million, with an expected net to the company of $87 million. The company now says it plans to use $12 million from its raise to fund the purchase of its production facility in Seneca, Ill. that is owned by three of its current investors while the rest will go towards expansion into renewable chemicals and in support of international expansion.