Biogas company LGI Ltd pulls $120m float

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Biogas and renewables company LGI Limited has postponed plans to raise capital via an initial public offering and list on the ASX, citing uncertain market conditions.

“LGI has made the decision to temporarily delay its planned IPO because of the current uncertainty in capital markets,” the board said in a letter to shareholders.

The company also said the federal government’s announcement about changes to the Emissions Reduction Fund had added to investor uncertainty, however it was not expected to have a material effect on LGI’s forecast FY22 earnings.Energy Minister Angus Taylor made his ERF announcement on March 4, derailing LGI’s plans to lodge a prospectus for its IPO on March 7.

LGI Ltd’s board is expected to re-consider an IPO and listing should markets settle. Bell Potter and Morgans were lead managers.

 

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