Renewables business Recycling Technologies has ditched plans to list shares on the London stock market this month after talks with potential investors.
The company said it decided to delay the listing to give it more time to consider its options after receiving interest from a broad range of investors, including investors that are more strategic in nature. From the feedback it received, a listing early in the next quarter provides a more attractive option.
Recycling Technologies expects to revisit a flotation in the first quarter of 2022.
PLASTICS SOLUTION
Recycling Technologies has developed a modular and mass producible machine, the RT7000, which processes hard to recycle plastic waste into a synthetic oil that can be sold back to the petrochemicals industry as a chemical feedstock to make new plastics.
It had previously pitched a stock market listing priced at between 150p and 170p per share, valuing the company at about £102million to £111 million. The company was hoping to raise up to £40 million, with the option to issue more shares if demand was there, fresh funding that was earmarked to mass-produce and sell the RT7000.
The first commercial-scale RT7000 will be located at Binn Eco Park in Glenfarg, Scotland. Operations are expected to start within 12 months of a stock market listing.
