Recycling Technologies Ltd said the price range for its initial public offering on London's Alternative Investment Market (AIM) has been set at between 150p and 170p per share, implying a market capitalisation of £102mln- £111mln.
The company is aiming to raise up to £40mln from the IPO and has the option to increase the offering by up to 15% to cover any over-allotments.
The fundraise is expected to deliver a free float of around 70% of Recycling Technologies’ issued share capital.
The company has developed a technology that 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.
The final pricing of the IPO will be announced on or around 9 December and trading in the company’s shares is expected to start on 16 December.