Technology Minerals Ltd (TM) has submitted its prospectus to the London Stock Exchange, starting the firing pistol on its imminent IPO.
The prospectus was formally submitted on Monday (June 14).
In a major landmark for the business, it has completed an oversubscribed pre-IPO funding round understood to have brought in GBP4mln of new investment.
Chief executive Alex Stanbury said: “We recently completed our final tranche of pre-IPO funding, we were overwhelmed with investor response and sadly had to turn many away as we became oversubscribed.”
The initial funding is to be used to develop battery recycling plants. TM’s Recyclus business owns technology that allows it to recycle both lead-acid and lithium-ion batteries.
It plans to grow from an initial 10,000 tonnes of lead-acid capacity to 60,000 tonnes in five years and to 20,000 tonnes from 5,000 in the lithium-ion space in the same time scale.
With one site already in operation, TM has identified 2 new sites in Teesside & Coventry.
In year one, TM is predicting Recyclus will turn over GBP9.6mln, rising to GBP28.5mln and then almost GBP55mln by year three. It will be profitable by year two, the company reckons with net earnings of GBP5.4mln, rising then to GBP15.3mln.
The top line could grow to GBP220mln by year five, TM estimates. That sort of growth could propel the group into the ranks of the mid-caps very quickly.
The company also owns a number of mining development opportunities as part of a battery metals proposition with a green dimension that has significant early revenue and profit potential.
Talking about the completion of the pre-IPO funding round and the submission of the listing documentation, CEO Stanbury said: “We are extremely happy to be at this stage.
“I would like to thank all of our investors for their continued commitment and pleased our journey to becoming a listed company is very close to being a reality.
“Our investors we talked to liked the Recyclus story. They can see there is a looming issue with electric vehicle batteries and that we provide a homegrown solution and eventually a full circular economy for battery metals within the UK.”
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