* 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:
6th October: Ashtead Technology (AT.L) announced it has moved from AIM to the Main Market.
Delistings:
Assura (AGR.L) has left the Main Market following the completion of its acquisition by Primary Health Properties PLC (PHP.L).
While we were away on Friday 3rd, Deliveroo (ROO.L) delisted from the Main Market after being acquired by DoorDash, Inc. (NASDAQ: DASH).
What’s baking in the oven?
Potential** Initial Public Offerings:***
8th September: The Beauty Tech Group (TBTG.L), a global leader in the rapidly growing at-home beauty technology market, announced the Offer Price for its Main Market IPO has been set at 271 pence per Share, equating to a market capitalisation of approximately £300m. The Offer comprises 10,701,107 new Shares to raise primary capital of approximately £29m, to ensure a debt-free position at IPO with sufficient working capital, and 28,605,654 existing Shares being sold by shareholders of the Company. This equates to a total offer size of £106.5m. Commencement of conditional dealings in the Shares took place on 3rd October 2025, with unconditional dealings expected to occur at 8.00 a.m. on 8 October 2025.
3rd October: Princes Group, a leading international platform in the UK and European food and beverage sector, announces that it is considering an IPO on the Main Market The Group's branded product portfolio includes leading, recognised brands such as 'Princes', 'Napolina', 'Branston', 'Batchelors', 'Flora', 'Crisp 'N Dry', 'Delverde', 'Naked Noodle' and 'Vier Diamanten'. The Group achieved proforma revenues of £2.1bn in the 12 months to 31 December 2024, generating pro forma adjusted EBITDA of £122.3m at a margin of 6.0%. Deal details and timing TBC but offer would be comprised of new ordinary shares to be issued by the Company to raise net proceeds that support the Group in adding further inorganic growth via further acquisitions.
6th October: Shawbrook Group, the high-growth, high-return UK digital banking platform, announces that it is considering an IPO onto the Main Market. From 31 December 2013 to 30 June 2025, the Group grew its loan book significantly from £1.4bn to £17.0bn, whilst simultaneously delivering growth in its underlying profit before tax at a compound annual growth rate of 30 per cent. and a 20 per cent. median adjusted return on tangible equity. The Offer would comprise new Shares to be issued by the Company and existing Shares to be sold by the Company's existing sole shareholder, Marlin Bidco Limited. Any additional details in relation to the Offer, together with any changes to corporate governance arrangements, would be disclosed in a Confirmation of the Intention to Float announcement and/or in a Prospectus, if and when published.
Market Movers
8th September: Pan African Resources (PAF.L) announced its intention to move from AIM to the Main Market. The Company is currently progressing workstreams to facilitate the Admission, which as updated on 23 September, is expected to occur on around 23 October 2025.
8th September: Richmond Hill Resources (AQSE: SHNJ) announced its intention to move from AQSE to AIM. There will be a placing to raise £1.4m at 1 pence per share and Admission of the enlarged ordinary share capital to trading on AIM expected to commence on 15 October 2025.
Banquet Buffet****
1Spatial 50.0p £53.47m (SPA.L)
The Company involved in Location Master Data Management (LMDM) software and solutions announced it has signed a £1m SaaS contract with UK Power Networks enabling use of the 1Streetworks platform over the next 15 months, with a one-year extension option. UK Power Networks has 190,000km of cables and undertakes approximately 40,000 works on the highway each year across London, the South-East and East of England, to maintain safe and reliable power supplies to 20 million people. Over the past year, 1Spatial has engaged with UK Power Networks to realise significant benefits from automating the production of a proportion of the traffic management plans, diversion routing and asset inventory lists, associated with these works.
Active Energy Group 0.10p £4.23m (AEG.L)
The alternative energy Company focused on the deployment of renewable infrastructure and the integration of advanced digital technologies provided an update on the presale of 35% from its first UAE project site. Approximately 35% of the initial 8MW capacity has already been pre-sold ahead of the facility becoming operational, with client interest across AI data hosting and blockchain computing applications. The Company expects to fully contract the site before the year-end 2025, demonstrating both robust market demand and the strength of AEG's ultra-low-cost energy advantage, harnessing surplus energy from both renewable and conventional sources. Based on current agreements, the 8MW site is projected to deliver approximately US$3.5m in annual revenues, at an estimated 50% gross margin.
Beeks Financial Cloud Group 204.0p £148.35m (BKS.L)
The cloud computing and connectivity provider for financial markets announced its final results for the year ended 30 June 2025. Revenues increased 26% to £35.9m (2024: £28.5m) and Gross profit up 30% to £14.7m (2024: £11.3m). Annualised Committed Monthly Recurring Revenue (ACMRR) was up 5% to £29.5m (2024: £28.0m), with positive operational free cash flow position, and net cash as at 30 June 2025 of £7.0m (30 June 2024: £6.6m). Profit before tax increased to £2.79m (2024: £1.46m). The Board is confident in achieving results for FY26 in line with its expectations.
Crimson Tide 58.00p £3.91m (TIDE.L)
The provider of the process management platform mpro5 announced its audited results for the 16-month financial period ended 30 April 2025. The Company reported revenues of £7.9m (FY23: £6.2m) and adjusted EBITDA of £0.9m (FY23: £0.4m). Annual recurring revenue was £5.6m (FY23: £5.8m) and cash and cash equivalents amounted to £1.2m (FY23: £3.3m). The Chairman commented that the 16-month financial period ended 30 April 2025 was a period of significant challenge and change for the group. The Board received three approaches to acquire the Company in the financial period, none of which was consummated.
The technology business providing Generative Artificial Intelligence (GenAI) services to help research organisations and corporations commercialise their innovations announced its unaudited results for the six months ended 30 June 2025. As of 30 June, the Company had $1,077k cash and equivalents, a $813k total order book, $125k revenue in H1 2025 and a $572k operating loss in H1 2025. The Company expects to drive revenue growth through new product launches, increased order closures, and accelerated deliveries. Some of the larger orders secured in the early part of the year are scheduled for fulfilment by the end of the financial year, increasing second half revenues beyond that of the first half.
Hemogenyx Pharmaceuticals 1120.0p £57.9m (HEMO.L)
The clinical-stage biotechnology Company announced that the Institutional Review Board at MD Anderson Cancer Center has approved an amendment to the clinical protocol of the Company's ongoing Phase I trial of HG-CT-1, its proprietary CAR-T cell therapy for the treatment of relapsed or refractory acute myeloid leukemia, to include paediatric enrolment. The approved amendment expands the eligibility criteria for the trial to include children and adolescents with R/R AML, allowing the Company to begin enrolling pediatric patients into the study. This important step builds on the safety and early efficacy signals already observed in adult participants and significantly broadens the potential patient population who may benefit from HG-CT-1.
Oracle Power 0.05p £8.98m (ORCP.L)
The international project developer announced that a grade control drill rig from Australian Surface Drilling (ASD), a preferred services provider of MEGA Resources, has been booked for the upcoming Northern Zone drilling programme, aimed at expanding the gold footprint. Drilling will focus on the area between the known west and east mineralisation where multiple gold mineralised intercepts have been reported previously. The Northern Zone Intrusive Hosted Gold Project is located on P25/2651, 25km east of Kalgoorlie in Western Australia.
Polarean Imaging 0.50p £5.73m (POLX.L)
The commercial-stage innovator of functional Magnetic Resonance Imaging for lungs reports the expansion of its Representative Agreement with Ascend Imaging LLC. Under the expanded agreement, Ascend Imaging will continue to act as a non-exclusive, independent manufacturer's representative, supporting the promotion and sale of the Company's Xenon MRI platform; increasing the coverage into additional US states to 19 from the 4 states in the original agreement. The Ascend expansion agreement brings deep expertise and long-standing relationships with healthcare providers, making them a strong strategic fit for Polarean's targeted expansion in functional lung imaging.
Tap Global Group 2.65p £17.84m (TAP.L)
The digital finance hub that brings money payments and crypto settlement services together in a single user-friendly app announced a strategic partnership with Moorwand, a UK FCA regulated Electronic Money Institution. Through this partnership, Tap will integrate Moorwand's comprehensive Banking-as-a-Service platform to provide customers with dedicated GBP accounts, complete with Sort Codes and Account Numbers, and EUR accounts with individual IBANs. The Company regards this development as a foundational pillar in Tap's stated strategy to build the ultimate "FinTech Super App;" seamlessly bridging the gap between traditional fiat financial systems and the digital asset economy.
Wishbone Gold 1.30p £38.9m (WSBN.L)
The gold and precious metals exploration Company announced that as part of the exploration expansion being funded by the recent £4m raise, a second drill rig from Core Drilling Services has been secured for the Company's Red Setter Gold Dome Project, in Western Australia. The Reverse Circulation (RC) drill rig will complement the diamond drill rig Core on site. With its pre-collars which are able to generate more target angles and additional water bores which will supply water for double shift diamond drilling; this now gives Wishbone the ability to target shallower copper gold potential intercepts. The RC rig has been contracted for an initial 5,000m of drilling.
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.