* 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:
Power Probe (PWR.L), the producer of automotive electrical diagnostic tools for professional service technicians, announced its IPO onto AIM. The suite of electrical diagnostic tools and accessories offered by the Group are compatible with all major vehicle engine types and manufacturers and can be used in all types of commercial and passenger road vehicles, including light and heavy goods vehicles and motorcycles. The Company's main country of operation is the US. The Company raised £11.2m at 82p, giving a market capitalisation of £60.4m.
Connecting Excellence Group (AQSE:XCE), the international executive recruitment Group with a Bitcoin treasury strategy, announced its IPO onto the Aquis Stock Exchange Growth. As part of its Admission to Aquis, the Company raised £3.3m by way of a placing and subscription of New Ordinary Shares at 2.1 pence per share, to support XCE's Bitcoin treasury strategy and future growth. The Company’s flagship subsidiary, Spencer Riley Limited, was founded in 2014 and is headquartered in Leeds. It is an international executive search firm delivering £1.52m in revenue and £659,000 in gross profit in the last financial year. Since 2021, it has realised a compound annual revenue growth rate of 37%.
What’s baking in the oven?
Potential** Initial Public Offerings:***
8th December: Greengage & Co Group has announced its intention to IPO onto AQSE. The Company bridges traditional finance and digital assets through a relationship-led fintech platform designed for institutional and professional clients. It provides business-to-business (B2B) introductions to electronic-money (e-money) accounts and providers of credit for SMEs, fiduciaries, and family offices, enabling seamless movement between fiat and digital currencies. Offer details TBC and expected Admission on or around 24th December.
3rd December: Sintana Energy, the oil and natural gas exploration Company listed on the Toronto Venture Exchange, has announced its intention to dual list on to AIM. The Company’s interests include eight licences in two countries, Namibia and Uruguay, as well as a pending indirect interest in a licence in Angola (and legacy assets in The Bahamas and Colombia), thus providing diversified exposure to a range of geologic plays, basins, operators, regulators, and geopolitical regimes. The portfolio is anchored by an indirect interest in the significant discoveries in the Mopane Complex (contained in Petroleum Exploration License 83 in the Orange Basin, Namibia), together with additional high-impact exploration catalysts across multiple other assets. No capital being raised on Admission and the anticipated market capitalisation on Admission will be £137m. Expected Admission date is 17th December.
2nd December: Pathos Communications, the technology-enabled, human-led PR Company announced its intention to IPO onto AIM by 16th December. The Company collaborates with its clients to create and distribute articles and media across a variety of platforms, including established news outlets, digital media and podcast channels. The Company's client base comprises SMEs, including micro-SMEs, which can benefit from public exposure through media and news publishers. The Company is incorporated in the UK, with its primary operations in Dubai. The Company's offerings to its clients are supported by its proprietary AI-driven technologies, which are used to generate ideas, undertake market research and create news articles with limited human input required to generate highly efficient outputs. £5m is to be raised for the Company through the placing of new shares and approximately £0.6m to be raised from selling shareholders. Anticipated market capitalisation on Admission will be £20m and expected Admission date is 16th December.
Market Movers:***
18 November: Roquefort Therapeutics (ROQ.L) proposes to change its name to Coiled Therapeutics plc. The Company will cancel the listing of its ordinary shares on the Equity Shares (Transition) category of the Official List and trading on the Main Market for listed securities of the London Stock Exchange, and make application for its ordinary share capital to be admitted to trading on the AIM market and carry out an equity placing by the issue of new ordinary shares to raise a minimum of £10.5m conditional on Admission.
19 November: All Things Considered Group (AQSE: ATC) independent music Company which delivers representation, services and creative commercial solutions announced a conditional equity fundraising of £8.6m and subsequent move to AIM. Admission to AIM is expected to occur on or around 17 December. Net proceeds of the Fundraising will provide additional working capital and a strengthened balance sheet to continue ATC's growth strategy.
11th November: CVS Group (CVSG.L) announced its plan to move from AIM to the Main Market on 29 January 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****
East Star Resources 3.55p £13.26m (EST.L)
The Kazakhstan-focused gold and base metals explorer has announced it has signed binding Heads of Agreement to establish a JV company pursuant to which Hong Kong Xinhai Mining Services Limited will farm in, in five stages, for up to 70% of the Verkhuba Copper Deposit, taking the project into production. Xinhai is a privately owned, global process engineering and contracting company that specialises in providing engineering design, procurement, construction services and contract mining services to the mining industry. Xinhai's estimated investment for the feasibility study and mine and plant construction costs is approximately US$65m.
Ethernity Networks 0.01p £0.52m (ENET.L)
The supplier of data processing semiconductor technology for networking appliances and passive optical network (PON) provides an update on its current business and plans for 2026. The Company is confident in its ability to secure a partnership for the Application-specific standard product (ASSP) opportunity. A long-standing OEM customer completed its second ASIC development earlier this year under the $800k agreement signed in November 2023. The Company anticipates increased royalty revenues from this engagement during 2026. Tier-1 U.S. PON vendors have placed an order for an additional 2,000 unit license.
GEO Exploration Limited 0.29p £13.24m (GEO.L)
The mineral resource and hydrocarbon exploration Company has announced an update for the recently acquired Gorge Project which comprises a new exploration licence for gold located in Western Australia. The primary focus for the Gorge Project is early-stage exploration for large scale gold deposits in an area that has historically only seen sparse exploration despite encouraging results from previous work. The Gorge gold project expands the Company's portfolio of highly prospective projects and provides a further opportunity for a potential transformational discovery. All key conditions for the acquisition of Exploration Licence E08/3737 have been satisfied, with final administrative steps underway ahead of transfer into GEO's 100%-owned subsidiary, Gorge Gold Pty Ltd.
Ilika 43.50p £76.85m (IKA.L)
The player in solid state battery technology has begun shipping its new 10Ah Goliath battery prototypes to customers across multiple industries, including automotive companies. These new prototypes offer five times more capacity than the 2Ah P1 prototypes delivered to customers in July 2024. The 10Ah cells feature a proprietary oxide coating which offers improved safety, allowing electric vehicle manufacturers to design lighter and less expensive battery packs. According to analysis by automotive experts Balance Batteries, this technology could reduce battery pack weight by 20% and cut manufacturing costs by £2.5k per vehicle.
Nativo Resources 0.28p £1.80m (NTVO.L)
The gold-focused mining Company with interests in Peru has provided an update on ongoing field activities at the Bonanza Gold Mine on the fully owned Tesoro Gold Concession. The Company has temporary access to the Bonanza underground workings which has enabled the engineering team to re-enter the existing shaft and galleries to assess stability and collect detailed underground samples to confirm the geological model. Full rehabilitation of the mine access is expected to be completed by the selected mining contractor once mobilised. A contractor is expected to be formally appointed next week, with mobilisation to site expected in January 2026.
Physiomics 0.29p £0.88m (PYC.L)*
The mathematical modelling, data science and biostatistics Company supporting the development of new therapeutics and personalised medicine solutions has announced a new contract with its valued and long-standing client, Numab Therapeutics AG. This latest project will use modelling and simulation approaches to support the pre-clinical development of a multi-specific antibody in the Numab Therapeutics pipeline, under development for the treatment of autoimmune diseases. In this collaboration, Physiomics will develop a mechanistic Pharmacokinetics and Pharmacodynamics (PK/PD) model that can be used to inform quantitative understanding of the drug's behaviour and select appropriate dosing for preclinical and clinical studies. The project is expected to be delivered within the financial year ending 2026.
Plexus Holdings 5.75p £9.71m (POS.L)
The AIM quoted wellhead services business has provided an update on operations and trading for the year to 30 June 2026 and confirms that it has entered into an agreement for a loan facility of up to £2m with OFM Holdings Limited. The Company has completed the manufacture of four new ExactEX rental wellhead systems on schedule, to increase the Company's rental fleet to 12 sets. The four new wellhead systems are planned for deployment in early 2026, and will be required to meet current enquiry levels, with a further four sets to be ordered for delivery during Q4 2026. The Company also entered into a £2m Loan Facility with OFM Holdings Limited, a company wholly owned by a trust of which Chairman Ben Van Bilderbeek is settlor. Financial performance for FY26 is also expected to be in line with market expectations.
Quantum Helium Limited 0.03p £8.66m (QHE.L)
The Company advancing helium, hydrogen and hydrocarbon projects in the USA has announced that it has increased its working interest in the Sagebrush Helium Project from 82.5% to 90% following the acquisition of Jackal Oil Company's minority interest. The Sagebrush 32 Seismic acquisition is now in its final stage, with initial processed results expected in January. The Company also expect the Sproule ERCE independent resource report for the Coyote Wash project within a week, following completion of technical assessment.
RM 111.00p £107.89m (RM..L)
The global educational technology, digital learning and assessment solution provider provided a trading update for the year ended 30 November 2025. Subject to completion of the FY25 audit, the Company expects FY25 adjusted operating profit to be £11.5m, with adjusted EBITDA of £16.6m. This represents a significant increase of 34% versus FY24 Adjusted Operating Profit, with adjusted EBITDA 21% higher, demonstrating further progress on margin improvement and cost savings. Significantly, the Company’s core Assessment division is showing full year revenue growth of 20% with platform revenue up by 17%, in a year which saw a record number of exams marked in 115 countries, using RM’s platform. Revenue from continuing operations overall is expected to be marginally lower than FY24 by 2 to 3%. Net debt is expected to be £50-£51m at the end of FY25.
Strategic Minerals 1.25p £29.6m (SML.L)
The international mineral exploration and production Company announced that its wholly owned subsidiary, Cornwall Resources Limited, has received exceptional drillhole assay results from CRD035, including very high-grades and multiple thick intersections. CRD035 was the third drillhole from Pad 1 of the completed 9-hole programme at the Redmoor Tungsten-Tin-Copper Project in southeast Cornwall. The Company recorded multiple high-grade tungsten intersections, including one of 0.97m @ 7.52% tungsten (WO3), 0.03% tin (Sn) & 0.87% copper (Cu) from 433.29m in CRD035, which correlates to the previous very high-grade zone reported from drillhole CRD034b. The Company also announced copper and tin results in the update.
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