The second capital raising by a would-be biodiesel producer in four months opened this week, with Melbourne-based Axiom Energy seeking $37.6 million in an 80 ¢ a share initial public offering underwritten by investment bank ABN Amro Morgans.

Axiom's offer, which should result in about 46 per cent of the company passing into public hands and a market capitalisation of $82.7 million, follows the float in May of Australian Renewable Fuels and Babcock Brown Environmental Investments' acquisition of Darwin-based biodiesel developer Natural Fuels.