Sircel enters voluntary administration weeks after announcing $10 million raise and 2026 IPO plans

In a surprise development that has stunned Australia’s renewable and recycling sectors, e-waste processor Sircel Limited and subsidiaries Sircel Recycling, Sircel Refining and E3Sixty (NSW) have entered voluntary administration, less than six weeks after announcing a $10 million private capital raise and plans for a 2026 IPO. Richard Tucker and Ryan Rabbitt of KordaMentha were appointed administrators and receivers on October 31 (Sircel Limited and Sircel Recycling) and November 3 (Sircel Refining and E3Sixty), following what sources describe as a secured creditor dispute and rising financial pressures across the group.

Founded in 2018 by CEO Anthony Karam, Sircel positioned itself as a national leader in electronic waste recovery, extracting high-value metals such as gold, silver, and copper from discarded electronics and solar panels. The company operates facilities in Villawood, Parkes, Dandenong, and Yatala and had recently launched a solar module processing line at its Parkes site—touted as one of the most advanced in Australia. The company’s September investor briefing had forecast FY26 revenue of $75 million and EBITDA of $13.2 million, with Morgans stockbroking leading a pre-IPO funding round at a $190 million valuation.

The collapse therefore marks a sharp reversal for one of the sector’s most high-profile recyclers and underscores mounting challenges in Australia’s circular economy industries, where high capital intensity and uncertain feedstock supply continue to undermine even well-backed ventures. While the company maintains that operations are continuing and has disputed the validity of the administrator and receiver appointments, KordaMentha confirmed that it is working with management and stakeholders to stabilise the business and assess restructuring or sale options.