New business builder XL TechGroup has announced that a second company from its stable is looking to float shortly on AIM.

New business builder XL TechGroup has announced that a second company from its stable is looking to float shortly on AIM.

TyraTech, which develops natural plant-oil derived products that either kill or repel insects and parasites, is looking to lure up to £30 million from investors through a placing that will value the company at between £100 million and £150 million. Currently, XL TechGroup has a 61 per cent shareholding in the business.

With more than 24 products nearing launch or in active development, TyraTech is targeting markets worth more than $23 billion (£11 billion). A key tenet of its commercialisation strategy is to partner with multinationals – Kraft Foods among them – that can provide market adoption for its products ‘at scale’.

Expect first dealings to take place within the second quarter, with Nomura Code Securities holding management’s hands as adviser and joint broker.