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Plastic pallet manufacturer goes public
A global firm advised Range International Limited on its ASX listing and $50 million initial public offering.
Lara Bullock
Firms: Ashurst (Range International Limited)
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Deal: Range International Limited completed its IPO and launched on the ASX
Value: $50 million
Area: IPO
Key players: The Ashurst team was led by corporate partners Anton Harris (pictured) and Bruce Macdonald, with assistance from employment partner Jennie Mansfield.
Deal significance: Plastic pallet manufacturer Range International Limited (RAN) made an initial public offering of 50 million shares in the company to raise $50 million based on the offer price of $1.00.
The company listed on ASX on 21 July 2016 with a market capitalisation of $150 million. Trading of shares in the company commenced on 22 July 2016.
This matter required the migration of the company from the Commonwealth of Dominica to Australia and a share exchange with a Singaporean subsidiary.
RAN has developed the ThermoFusionTM technology that allows it to make plastic pallet from 100 per cent recycled mixed plastic waste.
The IPO and related ASX listing represents an opportunity for RAN to scale up its operations and begin production on a commercial scale.
New shareholders hold approximately 33.34 per cent of the shares in the company upon completion of the offer, with existing shareholders retaining 66.66 per cent of shares.
