China's largest biodiesel company has filed with the U.S. Securities and Exchange Commission to float an IPO on the New York Stock Exchange in the near future.

Gushan Environmental Energy Ltd filed the paper work on Monday to list on the NYSE. The documents do not reveal the terms of the IPO, but judging from the fees, the IPO should raise about $250 million. Gushan plans to use the money to expand production and improve research and development.



Founded in 2001, this is the third time out of the gate for Gushan. The company declared its intention to float an IPO on the NASDAQ in May. Later the company evidently looked at floating an IPO on the Hong Kong Stock Exchange; China Knowledge carried a report in September on that IPO being postponed. Now Gushan has decided on the NYSE, instead of Hong Kong or the NASDAQ.

Gushan Environmental Energy is on track this year to produce and sell about 180 thousand tons of biodiesel fuel. That's almost five times what it sold in 2004 and 40 more tons than last year. The company has a target of producing 400,000 tons of fuel in 2008. Gushan is expected to report a profit of about $40 million this year.

Merrill Lynch is underwriting the IPO.