* 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:
None
Delistings:
None
What’s baking in the oven?
Potential** Initial Public Offerings:***
20th October: Winvia Entertainment, a technology-led entertainment business, focused on two discrete fast-growing channels, being the large and highly fragmented UK Prize Draw market and the regulated Romanian online gaming market, announced its intention to seek admission to trading on AIM.
The Group is seeking to raise approximately £40m and would be comprised solely of new Ordinary Shares (existing shareholders are not selling shares in the Placing). The Group's pro forma gross revenue was £153.2m for the year ended 31 December 2024, representing 57 per cent. year-on-year growth. The Group also generated Adjusted EBITDA of c. £15.3m in the year ended 31 December 2024. The net proceeds of the Placing are planned to be used by the Company to fund acquisitions in the UK Prize Draw sector and the Company is in discussions with several potential acquisition targets. The Company expects Admission to occur during the first week of November 2025.
6th October: Shawbrook Group, the high-growth, high-return UK digital banking platform, confirmed its intention to proceed with an IPO onto the Main Market. Pursuant to the Offer, the Company's existing sole shareholder, Marlin Bidco Limited, is expected to sell between 79.9m and 81.1m existing Shares and the Company is expected to issue and allot between 12.8m and 14.3m new Shares to raise £50m of gross proceeds. In addition, up to a maximum of 14.1m existing Shares may be sold pursuant to an over-allotment option. The price range for the Offer has been set at 350 to 390 pence per Share, implying an estimated market capitalisation at Admission of between approximately £1.8bn and £2.0bn.
Admission is currently expected to occur on 4 November 2025.
3rd 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 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%. The final offer price will be determined following a bookbuilding process. It is currently expected that trading will commence by the end of October. The 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.
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.
Banquet Buffet****
Acuity RM Group 0.95p £2.16m (ACRM.L)
The software Group announced that its wholly owned subsidiary, Acuity Risk Management Limited (ARML), which is focused on the cyber-security sector of the Governance, Risk and Compliance (GRC) market has won a new contract. The contract is with a new client, a leading European defence contractor, for Vendor Management Hub (VMH) software and services to be used in a new programme. VMH is a product that will help provide protection against the type of cyber security breaches recently suffered by leading retailers and manufacturers. The new customer is expected to generate further commercial opportunities for Acuity.
B HODL 14.00p £19.61m (AQSE:HODL)
The Company focused on Bitcoin accumulation and revenue generation from the Bitcoin in its treasury announced the purchase of Bitcoin as part of its ongoing treasury strategy. The Company acquired 6 BTC with an average purchase price of £80,498 per Bitcoin (US$108,085 per Bitcoin) for a total consideration: £482,991. Following this transaction, the Company's Bitcoin holdings are 148 BTC held at an aggregate cost basis of £12,523,233. The Company retains a total cash balance of £2.5m and has commenced its Lightning Network operations, is generating revenue, and intends to provide initial results on revenues generated once a minimum of 30 days of operations have been completed. It is expected that this will occur in early November 2025.
Celebrus Technologies 146.5p £57.04m (CLBS.L)
The data solutions provider updates on Trading for the six months to 30 September 2025. H1 is expected to be in line with management expectations, with revenues of approximately $10.3m down from $17.2m. The adjusted loss before tax is expected to be around $1.4m compared to a $1m profit. The lower figures reflect the impact of changes in the Company's contracts with customers, which were reported in the Final results. The ARR increased 14.7% to $15.6m and the balance sheet is debt free with net cash of $31.5m compared to $25.5m in the prior period. The Interims are to be announced on 2 December.
Chesterfield Special Cylinders Holdings 32.50p £11.21m (CSC.L)
The provider of high-pressure gas containment solutions and services provided a trading update for the 52 weeks to 27 September 2025 (FY25). The Company expects to report FY25 full-year adjusted EBITDA ahead of market expectations at approximately £0.8m (FY24: adj. EBITDA loss of £0.9m) on revenue of approximately £16.5m (FY24: £14.8m) and a closing net cash position of £2.1m (FY24: net borrowings of £0.9m). The Company reported a robust defence order book and significant opportunities in the UK hydrogen market, where the Company is actively engaged with key developers regarding new build contracts for hydrogen storage and transport systems. The Company expects to release its FY25 preliminary results on 18 December.
ECO Buildings Group 20.50p £15.45m (ECOB.L)
The UK-listed modular housing innovator announced that it has signed a landmark agreement with the authorities in Chile to deliver 20,000 high-quality modular homes under the Chilean Government's flagship social housing programme. The approximately EUR420m contract spans seven years and marks ECO's transition from certification to full-scale commercial rollout in Latin America.
Mind Gym 14.50p £14.06m (MIND.L)
The provider of human capital and business improvement solutions updates on H1 trading to September 2025. Revenues of £13.5m are 16% lower with an EBITDA loss of £1.0m, driven by the impact of the revenue phasing into H2 which is expected to be cashflow positive reducing the £1m net debt. Mind Gym is mid-way through its three-year transformation strategy to evolve the business from an episodic training provider to a strategic behavioural-change partner with services that are easier to buy, sell, and renew. The performance is H2 weighted with an anticipated increase in subscription revenues after the investments made in sales and marketing, as well as the benefits of the lower cost base.
Oracle Power 0.05p £6.92m (ORCP.L)
The international project developer announced the re-commencement of drilling operations at its Northern Zone gold project, with the initial phase of grade control drilling already underway.
The programme aims to expand the overall mineralised footprint, with initial drilling to target the shallower area between the western and eastern mineralised zones. Drilling will focus on the shallow (30m-60m deep) undrilled areas between the western and eastern gold mineralised zones as previously reported.
Oriole Resources 0.36p £12.36m (ORR.L)
The AIM quoted gold exploration Company focused on West and Central Africa published a maiden JORC Mineral Resource Estimate (MRE) for the MB01-S zone at its 90% owned Mbe orogenic gold project Cameroon. Independent consultant Forge International Limited has produced a pit constrained Inferred MRE for MB01-S of 24.8Mt at a grade of 1.09g/t for 870,000oz contained gold (Au), using a US$3,200/oz gold price and a cut-off grade of 0.40g/t Au. The grade-tonnage analysis shows a high retention of ounces at lower gold prices. The MRE extends over a strike length of approximately 900m, a width of up to 700m and down to a maximum depth of 340m. It has significantly exceeded the upper range of the JORC Exploration Target range for MB01-S and is also higher grade. The Company believes there is excellent potential to significantly increase the size of the Resource, and that the maiden MRE alone, subject to further work and economics, could form the backbone of a low strip ratio open pit mine.
Rosslyn Data Technologies 3.30p £2.44m (RDT.L)
The provider of a leading cloud-based spend intelligence platform updates on trading and expects to publish its FY April 2025 results on 27 October. The Company expects to report FY 2025 revenue of £3.0m compared to £2.9m, and an adjusted EBITDA loss of £2.0m compared to £2.5m loss. The timing of £0.3m revenue recognition of the development work for a Major New Client has been deferred into FY 2026 and FY 2027. The new financial year has started well with a strengthened balance sheet, stable customer base, expanded pipeline and having successfully delivered the first phase of a significant project with one of the world's largest companies. Trading is in line with expectations for the first quarter of FY 2026.
Trellus Health 0.65p £1.21m (TRLS.L)
The healthcare Company delivering a digital platform that integrates data analytics with personalised, scientifically proven resilience programs and value-based solutions to manage complex chronic conditions, announces an update to cash runway, contract negotiations, and fundraising discussions. The Company's current cash runway is to early December 2025. The Company now expects to reduce its average monthly cash burn from approximately $440,000 to around $395,000 going forward. The Board continues to anticipate announcing at least one new collaboration before the end of November. The Board has been exploring options for a potential equity fundraising to support the Company's next phase of growth, however there can be no certainty that any funding transaction will be concluded.
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