Dublin-headquartered IPL Plastics, the global plastics company formerly known as One51, has announced it will seek an initial public offering (IPO) and stock market listing on the Toronto TSX stock exchange in 2018.

The company, which has over 2,000 Irish shareholders, including Larry Goodman and Irish co-ops such as Glanbia, Lakeland and Kerry, had previously mooted the potential for a dual listing in Toronto and Dublin.

However, it now seems likely the company will pursue a sole listing in Toronto.

IPL made the announcement as it unveiled a 46% jump in profits (EBITDA) to just under €71m. Sales for the group increased by more than a third (+36%) to €474.4m. The strong growth in sales and profits was driven by continued organic growth, as well as contributions from recent acquisitions in the US.

The company also completed its reorganisation at the tail end of 2017, after shareholders voted at an EGM to change the group’s name from One51 to IPL Plastics and restructure the share capital of the business to allow for a 2018 stock market flotation to proceed.

Alan Walsh, chief executive of IPL Plastics, described the recent restructuring of the business as a “significant development”.

“We continue to experience significant organic growth opportunities across our end markets, particularly in North America,” added Walsh.

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