IPL Plastics, formerly known as One51, has indicated a price range of C$13.50 to C$16.00 (€9 to €10.60) per share will be offered to shareholders as part of a C$50m (€33.2m) share buyback offer that closes on Thursday, 31 May 2018. This offer values original shares in One51 between C$2.70 and C$3.20 (€1.79 to €2.12) per share.

The buyback offer enables Irish investors, including the Irish co-op’s which own 25% of shares, to offload their stake in the business at the same valuation as the stock market launch price. However, IPL Plastics does not anticipate many shareholders will take up the offer.

The share valuation is understood to be weaker than what was targeted a month ago as a result of a share price slump in the plastics sector.

The initial public offering (IPO) will see IPL Plastics list on the Toronto stock exchange. It had been hoped a dual listing in Dublin may happen. The company received 100% approval from shareholders at an extraordinary general meeting last Thursday to move ahead with the planned flotation.