24th Mar 2022 12:15
Recycling Technologies Group Ltd - Swindon, England-based engineer developing technology to recycle mixed plastic waste - Moves ahead with initial public offering on AIM in London, after having postponed it from mid-December. Prices shares at 110 pence each, which will give the company a market capitalisation of GBP80 million. The IPO is being led by Stifel Nicolaus Europe Ltd as broker and nominated adviser and is targeted to raise GBP30 million for the company. Back in November, when first announcing its IPO plan, RT had hoped to raise up to GBP40 million for the company and attain a market capitalisation of GBP102 million to GBP111 million. The offer closes on Tuesday next week and first dealings are expected on April 5.
Recycling Technologies also announced a new collaboration agreement with Sumitomo SHI FW for the development of RT's waste plastic recycling machine, the RT7000. The manufacturing partnership is aimed at enabling RT to produce 200 machines per year by 2029.
By Tom Waite; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.