TAIPEI (Taiwan News) — Boretech, a company specializing in PET bottle recycling, began trading on the Taiwan Stock Exchange on Monday.

The company’s shares began the day trading at its IPO price of NT$65 (US$1.98), though at the end of trade, it reached NT$89.9, an increase of 38.3%. Boretech said rising environmental awareness and companies' emphasis on ESG have created more demand for PET recycling, per UDN.

Boretech supplies sportswear giants, Nike and Adidas, as well as well-known food brands such as Coca-Cola and Nestle. Each of these clients has pledged to increase the proportion of recycled plastic raw materials used in their products over the next few years, increasing demand for recycling equipment, recycled polyester fibers, and food-grade recycled polyester products.

According to data from research firm Wood Mackenzie, global consumption of PET in 2023 was 2,551 tons, with a recycling rate of 55%. Asia leads in recycling with 71%, Europe 66%, Latin America 43%, and North America 34%. Boretech said the plastic recycling industry still has huge room for development.

Boretech said it provides cleaning equipment for staple-grade, filament-grade, and food-grade recycled polyester products with an hourly processing capacity of 1.5 to 12 tons. The company offers a wide array of technology, from recycling and cleaning to producing food-grade ester particles.

According to Wood Mackenzie, the total amount of PET bottles recycled globally will reach 14.04 million tons in 2023. Boretech said the cumulative annual processing capacity of the production lines already delivered can reach 5.14 million tons, or more than 30% of the global PET bottle recycling volume.

Boretech said the rise of the circular economy and sustainability has led to growing demand for its services. As a result, the company has experienced revenue growth, with consolidated revenue of NT$3.6 billion in 2022, NT$4.5 billion in 2023, and NT$5.4 billion in 2024.