Composite pallet company to float on AIM
RM2 International S.A. has announced its intention to float on the AIM market. With an anticipated market capitalisation of £278.3 million on listing, RM2’s debut will be the largest AIM IPO in 2013, according to the company.
The company expects to raise gross proceeds of approximately £137.2 million, the second largest raising of 2013.
RM2 has designed and manufactured the BLOCKPal, a multi-trip pallet made of a glass fibre and resin composite that is suitable for use in the supply chain of sectors such as fast moving consumer goods, food ingredients, pharmaceuticals and packaging.
The company, which was founded in 2007, provides a holistic solution, combining pallet manufacturing, standalone pallet management and financial options.
Global demand for pallets in unit terms was 6.2 billion in 2012.
RM2 CEO John Walsh said: “Admission will give us the ability to turn a meticulously developed and tested pallet and logistics approach – for which we believe there is a clear demand – into an operation of real scale.
“With the funds raised we will expand our manufacturing capacity, and establish a pool of pallets which offer customers around the world a proposition that we believe is cost-effective, efficient, controllable and sustainable and which will provide RM2 and its shareholders with a high quality recurring revenue stream.”
