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Alternative Energy - Tuesday, March 18, 2008

Put A Nail In It. Renewable Energy Group And Pogo Jet Both Withdraw IPO

The global stock markets suck so why would you chose now to IPO? Neither Renewable Energy Group nor Pogo Jet want to be heros and have filed with US regulators to withdraw a planned IPO.

Renewable Energy Group, an Ames, IA-based biodiesel startup, had previously planned to raise $150M on the NYSE. Its 1997 revs were $178M.

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Meanwhile, Pogo Jet, a startup intending to provide private jet charter service, said it has postponed its planned IPO, citing unfavorable market conditions. Led by former American Airlines CEO Robert Crandall, Pogo has been controversial for filing for an IPO when it won't launch its air service until 2009. The Chicopee, MA-based on-demand jet charter service focused on the East Coast was in registration to sell 7M common shares at $12.50 - $16.50 per share. It would have an initial market cap of about $175M, if it came in at at the high end of its range. Financing to date has come from Tiger Partners, Village Ventures, Worcester Capital Partners and Long River Capital Partners. We expect that Pogo might have to go back to these investors for some more runway.

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