THE $15 million initial public offering for Australian Renewable Fuels (ARF) looks to be closing early after investors backed the Amadeus Energy spin-off company, which aims to make diesel from animal fats and cooking oils.
The float is underwritten by Shaw Stockbroking, whose managing director described the institutional demand as ‘quite extraordinary’.
ARF has two production plants – Adelaide (SA) and Bunbury (WA) - under construction with a planned total output of 88 million litres per year.
Amadeus invested $5 million in 2001. Its stake in the South Perth-based firm upon listing will be worth $30 million.
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