Irish investors in IPL Plastics, formerly known as One51, have tendered just under 2.1m shares in the buyback option offered by the company as part of its planned initial public offering (IPO) on the Toronto stock exchange later this month.

Documents filed by IPL Plastics show fewer than 2.1m shares, or about 5% of those held by original investors, have been tendered for the share buyback offer and will receive a price in the range of C$13.50 to C$16.00 (€9 to €10.60) per share. This values original shares in One51 between C$2.70 and C$3.20 (€1.79 to €2.12) per share.

The final settlement price of the offer will depend on the share price IPL floats for. Based on the number of shares offered, IPL says the share buyback will cost between C$28.2m (€18.4m) and C$33.4m (€21.8m) to redeem. Most original investors in IPL Plastics have held on to their shares in the expectation that they will appreciate following the IPO. Investors who hold on to shares will be locked in for six months after the IPO.