Enerkem Inc., the Canadian biofuel company backed by Waste Management Inc. and Valero Energy Corp., withdrew its registration to raise as much as $137.8 million through an initial public offering, citing market conditions.
The company, based in Montreal, had planned to sell 7.25 million shares at $17 to $19 apiece. Enerkem develops refineries that convert trash into gases, which are processed into ethanol and chemicals.
Enerkem is the second renewable-energy company to pull its IPO this month, after BrightSource Energy Inc., a developer of solar plants, withdrew its registration on April 12.
“In light of current market conditions, the company has determined not to proceed with the initial public offering,” Enerkem said today in a filing.