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Carbios wants to raise over 100M € on the stock market to industrialise plastic biorecycling

Carbios wants to raise over 100M € on the stock market to industrialise plastic biorecycling

Carbios, a specialist in the use of enzymes in the plastics industry, launched on Monday a capital increase of €105 million, i.e. almost a quarter of its stock market value, which could be increased to €120.75 million if an extension clause is fully exercised.

 

In its press release, Carbios explains that the funds raised will be used to finance the construction of an industrial plant in Germany using its enzymatic technology for the 100% recycling of PET waste (bottles, packaging, polyester fibres, etc.).

 

 

Indeed, the production capacity of the site is estimated at 40,000 tonnes per year, and it should be the object of an investment of about 100 million euros.

 

The balance will be used to finance the expenses related to the demonstrator which will start in September, the R&D costs and the development of new technologies of biodegradation of the plastic.

 

For the capital increase, the subscription price has been set at EUR 41, representing a discount of almost 8% compared to the price on Friday evening.

 

The maximum number of new shares that can be issued in the framework of the capital increase is 3 million, or 37% of the total capital.

 

Existing shareholders will be able to subscribe in proportion to their shareholding during a short period from 3 May to 6 May 2021 inclusive. Carbios’ two major strategic shareholders, L’Oréal and Michelin, have undertaken to subscribe to the transaction to the extent of their holdings, i.e. 10.36%.

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On Monday, the share price adjusted to the subscription price of the capital increase, dropping nearly 6% at around 11:00 am, marking one of the most significant declines on the Paris market.

 

Yesterday at the same time, Carbios shares were down 0.10% at EUR 41.48, while today at around 9.30am, the shares were up 0.98% at EUR 41.12.

Read also > NEIMAN MARCUS ANNOUNCES NEW CSR STRATEGY

 

Featured Photo : © Carbios

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