Australian firm specialises in bioplastic packaging.
Plantic Technologies Limited, the Australian producer of starch-based packaging, raised £20m yesterday when it floated on London’s Alternative Investment Market (AIM).
“The new funds will enable us to expand our range of unique biodegradable plastic,” said Grant Dow, Plantic’s md and ceo.
Trading under the symbol ‘PLNT’, the company had a placing price of 64p, giving the Victoria firm a market capitalisation of £50.9m. Plantic ended the day at 81.5p.
Libertas Capital Group acted as both adviser and broker to the company. Plantic is expected to net £18.4m from the placing.
In January 2004, the company established a European subsidiary, Plantic Technologies, in the UK. It first sold rigid trays to Nestle UK for two confectionary lines in July 2005.
