PalmCo IPO postponed but 443,000 MTPY biodiesel facility in the works

In Indonesia, Reuters reports that state-owned PalmCo has announced an investment in a 443,000 metric ton-per-year biodiesel facility while delaying the launch of its IPO. Having chosen the technology and being close to deciding on a contractor, it expects the biodiesel plant to come online in 2026. The IPO, however, doesn’t have a new date after being postponed due to unfavorable market conditions. The planned IPO was expected last summer to raise around $500 million.