One51 may be on track for mid-2016 flotation at up to €2.50 a share

One51, the plastics manufacturer and waste-management firm, could be on track for a flotation in the middle of next year. One51 said on Friday it had bought a British hazardous-waste-management business, Greenway Environmental Services (GES), for an undisclosed sum.

GES serves manufacturers and builders in the northwest of England. One51 will integrate it into its Clearcircle Environmental division and use it to further boost that business in the UK. The most recently available figures for GES show it had shareholders' funds of £912,600 and total assets of £2.4 million.

GES is One51's third acquisition in the past 12 months. One51 is now understood to be looking towards a stock market launch at some point next year. In 2014, chief executive Alan Walsh signalled the company could go ahead with a flotation within two years. That timeframe would would mean going to the stock market midway through 2016. It is understood the company is on track for this.

Financier Dermot Desmond's International and Investment Underwriting (IIU) recently paid €1.85 a share, or €36 million, for a 12 per cent stake in the company.

Analysts have speculated One51 could float for as much as €2.50 a share, based on growth in its existing business and the fact it is in line for a cash distribution from NTR, a wind-farm operator in which it holds a stake.

Its shares trade on the grey market, meaning they are not listed on any stock exchange. They were quoted on Friday at €1.80 each.