Waterford waste company to list on Scandinavian stock exchange
Kollect reports revenue growth prior to trading on Nasdaq First North market
Kollect chief executive John O’Connor says Swedish investors’ interest in businesses focused on sustainability prompted the company to float there
Irish waste industry company Kollect has reported revenue growth ahead of its plans to list on Scandinavia’s Nasdaq First North stock exchange for smaller companies.
The company, founded in Waterford and led by chief executive John O’Connor, said its domestic and commercial bin collections, its skip hire operations and its junk removal services had all seen rising levels of business since the end of 2018.
Kollect, which bills itself as an innovator and disrupter in the waste industry, will begin trading on the Nasdaq First North market in Sweden on December 19th. The subscription period for the offering runs from November 25th to December 10th. Its shares begin trading on December 19th.
The start-up’s stock market launch next month will value the company at up to €7.4 million.
Kollect, which allows businesses and consumers to arrange waste collection online, intends to raise €2.33 million by selling 1.78 million shares at €1.33 each. It has the option of issuing a further 267,856 shares should investors seek more stock.
“The domestic bin collection business has grown steadily and is expected to benefit from the continued market expansion strategy,” the company said, adding that it would direct more effort to commercial collections. It described the skip business as “solid” and the junk removal operation as “extremely strong”.
Last year’s revenues hit €2.2 million, nine times the €255,000 it earned in 2016 when the company launched.