* A corporate client of Hybridan LLP.
** Potential means Intention to Float (ITF) or similar announcement has been made.
***Arranged by type of listing and date of announcement.
****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication.
Dish of the Day
Admissions:
Shawbrook Group (SHAW.L), the high-growth, high-return UK digital banking platform, announced its first day of dealings on the Main Market. The Offer Price was set at 370 pence per Share, implying a market capitalisation at the commencement of conditional dealings of approximately £1.92bn. The Offer comprises 13,513,513 new Shares that raised £50m of gross proceeds, and 80,493,537 existing Shares being sold by the Company's existing sole shareholder, Marlin Bidco Limited.
Delistings:
Smarttech247 Group (S247.L) left AIM
What’s baking in the oven?
Potential** Initial Public Offerings:***
24th October: Sterling Digital, the bitcoin mining business, has announced its intention to seek admission on the Access segment of the Aquis Stock exchange. The Company’s objective is to deliver sustainable long-term growth via compounding bitcoin exposure through cheapest-in-class mining and active management of bitcoin reserves. The Company expects to raise money and Admission on or around 11 November 2025.
27th October: Falconedge, the London-based provider of turnkey advisory solutions for emerging and established asset managers, has confirmed its intention to list on the Access segment of the Aquis Stock Exchange. Falconedge’s services span a wide range of functions, including effective fundraising and investor relations, strategic advisory and operational support, advising on treasury diversification strategies, DeFi yield structuring and tokenomics advisory and custody, staking and on-chain compliance matters, solutions and guidance in converting leads to clients and providing market insights on improving and optimising outreach when marketing investment products to companies. Falconedge is preparing to adopt Bitcoin as its primary treasury reserve asset. The Company expects to raise money and Admission on 5 November 2025.
31st October: Princes Group, a leading international platform in the UK and European food and beverage sector, confirmed its intention to proceed with an IPO on the Main Market. The Offer Price has been set at 475 pence per Ordinary Share, equating to a market capitalisation of approximately £1.162bn at the commencement of conditional dealings. The Offer comprises 84,210,526 new Ordinary Shares to raise primary capital of approximately £400m of gross proceeds, to support the Company with further inorganic growth via acquisitions. Assuming that the Over-allotment Option is exercised in full, the final offer size will be approximately £420m. The commencement of unconditional dealings in the Ordinary Shares on the LSE, is expected to occur at 8.00 a.m. on 5 November 2025.
Market Movers
24th October: CVS Group (CVSG.L) announced its plan to move from AIM to the Main Market. The Company expects Admission in early Q1 2026, subject to FCA approval of a prospectus and the ordinary shares being admitted by the FCA to the Main Market. The Group does not intend to raise funds in connection with the move.
Banquet Buffet****
Adsure 25.00p £2.65m (ADS.AQSE)
The holding Company for TIAA Limited, a specialist business assurance provider, provided a corporate update since the financial year 1 April 2025 with the orderbook growing by double digits on a percentage basis compared to the same period last year. The growth was driven by both one-off pieces of work and long-term contracts that add to the recurring revenue base. Following the agreement with K10 Vision, announced 24 February 2025, the audit working paper software has been fully integrated and launched on 1 November 2025. Since January 2025, client numbers have increased by approximately 20% to over 130 individual client organisations. The new client contracts comprise 39% recurring contracts and 61% grant work and advisory engagements. The Company also signed three new contracts with university clients worth a total of £159,800 over the 2025/2026 academic year, after focusing on higher value contracts in the education sector.
Arecor Therapeutics 72.5p £27.0m (AREC.L)
The biopharmaceutical Company focused on drug development and delivery in diabetes and other cardiometabolic diseases provides an update on the broadening of its IP position. The Company has strengthened its patent protection for its lead programme, AT278, the only ultra-concentrated and ultra-rapid acting insulin in development with the potential to enable longer-wear for existing automated insulin delivery (AID) systems and their future miniaturisation. A US patent has been granted to protect key formulations and uses of AT278. In addition, another patent with respect to AT278 IP has been approved for grant by the European Patent Office, providing further patent protection in Europe. The Company has also filed a patent application with the European Patent office, claiming novel compositions to improve the oral bioavailability of complex peptides. Novel peptide therapeutics are proving to be highly effective to treat chronic conditions such as obesity, diabetes, and other cardiometabolic diseases, and there is growing evidence that oral delivery improves patient compliance and adherence.
Ensilica 42.5p £42.02m (AREC.L)
The chip maker of mixed-signal Application Specific Integrated Circuits (ASIC) announces its audited results for the full year ended 31 May 2025. Full year revenues of £18.2m (FY 24: £25.3m) were lower than prior year, but chip supply revenues doubled to £5.7m, with a breakeven in EBITDA achieved.
Excluding the allowance for credit losses, an EBITDA profit of £1.8m was achieved. The gross profit margin improved from 36% to 40% reflecting the change in business mix with the cash balance at £2.0m (FY 24: £5.2m post fundraise).
First Tin 7.75p £35.02m (1SN.L)
The tin development Company with advanced, low capex projects in Germany and Australia, has completed the drilling programme at its 100% owned Taronga tin project in New South Wales, Australia. Assay results have been received for another 43 holes (making 61 in total with the remaining 36 expected in the coming weeks). The drilling programme was designed to convert inferred resources to Measured and Indicated status and to test several interpreted zones of mineralisation near the proposed pits. The assays confirm and extend the mineralisation to the northeast and southwest, indicating potential for wider and deeper pits, a longer life of mine and stronger project economics. The potential conversion of waste rock to ore in the current pits, has improved from the 1:1 strip ratio and so lowering mining costs. The successful completion of the Taronga drilling programme is unlocking the project's full potential. Tin prices are rising amid tightening global supply and Taronga's expanding, high quality resource is an advanced and attractive undeveloped tin asset.
Genedrive 0.98p £10.04m (GDR.L)
The point of care pharmacogenetic testing Company has announced that the Genedrive MT-RNR1 ID Kit has been implemented at Dublin's Rotunda Hospital Neonatal Intensive Care Unit. The Rotunda Hospital implementation is in addition to the 14 hospitals in the UK that are currently utilising the Genedrive MT-RNR1 ID Kit under the PALOH-UK programme. Funded initially by the Rotunda Foundation under the "Early Identification of Susceptibility to Gentamicin Induced Hearing Loss" programme, Rotunda Hospital admits approximately 1,400 babies each year into its NICU.
Image Scan Holdings 1.35p £1.85m (IGE.L)
The provider of X-ray screening systems today announced its pre-close trading update for the year ended 30 September 2025. The financial results for the full year were impacted by a slow start to the year and compounded by supply chain constraints and delays to a high-value contract. Revenue was approximately £1.6m (FY24: £2.9m), with an unaudited pre-tax loss of £0.3m (FY24: pre-tax profit £0.2m) while group cash balance was at £1.1m (FY24: £0.9m). The Company reported a slow H1 due to specific timing issues and external supply issues, before a recovery in H2 from an operational rebound. As at 30 September 2025, the order book stood at £4.7m (FY24: £4.5m), which is expected to be delivered primarily in FY26 and FY27.
IntelliAM AI 115.0p £22.0m (INT.AQSE)
The provider of AI-driven software solutions for the manufacturing and engineering sectors has provided a trading update for the half year ended 30 September 2025. The trading performance reported in this statement is based on unaudited management accounts and refers to pro-forma growth defined at the end of the statement. Total revenue increased by 58% to approximately £2.4m equating to 48% organic growth, while annual recurring revenue grew to £1.18m from £0.14 in H1 24. The Company signed a co-development agreement with SKF, the worlds largest bearing and lubrication Company. The Company ended the half-year with cash of approximately £778k, with trading in line with expectations.
Nanoco Group 10.25p £19.09m (NANO.L)
The UK-based Company engaged in research, development and manufacturing of cadmium-free quantum dots and other specific nanomaterials emanating from its technology platform, has announced that it has signed a three-year extension to the existing Joint Development Agreement (JDA) with its important Asian Chemical Customer. The agreement continues the long collaboration between Nanoco and the Asian Chemical Customer, building on the completion of the existing two-year JDA which was originally announced on 7 November 2023. The three-year programme is to further develop the material and to scale up the manufacturing process of the Quantum Dot nanomaterial that will be applied to silicon sensors to enable Short Wave Infrared capabilities. The new JDA also includes an inflationary increase to the amount the customer will pay to Nanoco compared to the previous agreement. If successful, the customer anticipates production level orders will be rolled out in 2028.
RUA Life Sciences 13.00p £7.45m (RUA.L)*
The holding Company of a group of medical device businesses announced a trading update for the eighteen-month period ended 30 September 2025. This extended reporting period is a result of the previously reported decision to extend the Company's financial year end from 31 March to 30 September. The Group expects to report revenues for the 18-month period of £6.6m compared to the £2.2m reported for the 12 months to March 2024. Adjusting for the extended reporting period, revenues were £4.4m on a pro-rata basis and £5.1m for the final 12 months of the period. An objective of management at the start of the period was to get the Group to breakeven and through to profitability in as short a period as possible. At the second Interim period for the 12 months to March 2025, adjusted EBITDA of £0.5m profit was reported. The Board anticipates that the Company at the full 18-month period to September 2025 will continue to be EBITDA positive. RUA expects to report cash at 30 September 2025 of £3.2m however the net cash reduction is expected to be represented by increased working capital requirements as a result of the growth in scale. Publication of the full audited accounts for the 18-month period ending 30 September 2025 is expected by the end of January 2026.
Solid State 137.5p £81.0m (SOLI.L)
The component supplier and design-in manufacturer of computing, power, and communications products, announced a trading update for the six months ended 30 September 2025. The Company expects to announce revenues and adjusted profits before tax in excess of £85.0m and £4.75m respectively (H1 24/25 - revenue £61.8m and adjusted profits before tax of £2.5m). These results reflect a stronger performance with defence and security sales offsetting a weaker performance from the industrial sector and disruption caused by tariff uncertainty in the USA. The Group has started the second half with an open order book of £87.3m, of which over 60% is expected to be delivered in the second half.
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