Aftrr contacting the company several times to be told that an update would be released 'shortly ' but never receiving one I got in contact with Onmarket I got a reply today from the MD of Onmarket.
The reason for the delay in the IPO is that they have had significant interest from a number of large infrastructure investors to partner with them on the development of the network of e-waste recycling depots. The key here being that there would be a material investment that would be a mix of debt and equity, meaning that existing equity investors would not be diluted as much as they would be under an IPO scenario. The company has also been successful in securing close to $2m in government grants for the business & has committed to sending out an update in the next two weeks.
So very encouraging that an IPO would be at better than previously suggested terms & the business is potentially developing faster than anticipated.
Will just have to wait a little longer for the IPO, no timescale was mentioned but may be in the update?
