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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 £80 million. The IPO is being led by Stifel Nicolaus Europe Ltd as broker and nominated adviser and is targeted to raise £30 million for the company. Back in November, when first announcing its IPO plan, RT had hoped to raise up to £40 million for the company and attain a market capitalisation of £102 million to £111 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.
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