* 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 price range for the Offer has been set at 475p to 590p per Ordinary Share, implying an estimated market capitalisation at Admission of between approximately £1,162m and £1,243m. The Offer comprises up to 84,210,526 new Ordinary Shares to raise primary capital of up to £400m to support the Company with further inorganic growth via acquisitions. In addition, up to a maximum of 12,631,578 new Ordinary Shares may be sold pursuant to an Over-allotment Option to raise capital of up to £60m. It is expected that conditional trading will commence by the end of October and that Admission will become effective and that unconditional dealings in the Ordinary Shares will commence at 8:00 a.m. on 05 November 2025.
Market Movers
8th September: Pan African Resources (PAF.L) announced its intention to move from AIM to the Main Market. Ordinary Shares will be admitted to trading on the Main Market at 8:00am on 24 October 2025.
22 October: Serica Energy (SQZ.L) is planning a move from AIM to the Main Market. Timeline TBC but not in 2025, however we see that a market move was first mentioned on 24 November 2024.
Banquet Buffet****
Accsys Tech 61.5p £148.9m (AXS.L)
The high performance and sustainable wood building materials, has agreed new debt financing facilities of EUR5m, provided on an equal basis by ABN AMRO and HSBC. The pricing terms on the Facilities are improved, together with lower quarterly capital repayments compared to the current EUR52.1m facility which was due to mature in September 2027. The strategic re-financing strengthens the capital structure and the CEO states the Group is positioned to execute the FOCUS strategy and growth plans with greater confidence and resilience.
Cobra Resources 4.4p £39.67m (COBR.L)
The South Australian mineral exploration and development company has received permission to commence in-field permeability studies at the Boland Ionic Rare Earth Project. The permit authorises the discharge of water to test the permeability of Boland's mineralisation by injecting a tracer dye into the mineralisation and monitoring the time taken for the dye to migrate between the discharge well and an extraction well. Preparations are advanced to commence in-field permeability tests as soon as practicable. The Australian and US Governments have recently signed a $8.5bn framework agreement to fast-track approval timelines for critical mineral projects.
Cyanconnode 6.4p £21.99m (CYAN.L)
The provider of IoT communication and smart metering solutions, updates on interim trading to September 2025. The Group's contracted order book remains robust at around £157m following the £70m contract in April 2025 of its first Indian contract as an Advanced Metering Infrastructure Service Provider. The Indian Government's commitment to nationwide smart metering remains undiminished and deployments have comparatively increased. The pipeline of opportunities in India remains substantial standing at approximately 104.9 million smart meters, representing an estimated value of £9.8bn,which have been sanctioned but are yet to be awarded. The Group is confident of its growth trajectory with the continued momentum in India and steady international progress.
Hardide 7.4p £5.83m (HDD.L)
The developer and provider of advanced surface coating technology updates on Trading for FY September 2025. Revenues grew by over 25% to £6.0m driven by the new recurring work in the aerospace sector and new development work won more recently in the energy sector. The Board expects this growth to deliver a materially improved EBITDA result for the year of approximately £1m (FY24: break-even) at an EBITDA margin of over 16%, together with a positive earnings per share outcome for the first time in many years. The net debt (including leases) reduced to £1.6m from £2.1m with slightly higher cash balanced of £0.8m. This is despite some working capital absorption due to strong trading in the final quarter including development work with new customers in North America and the Middle East within the energy sector. The medium-term objective is to double revenues from FY24 levels to at least £10m over the next few years with leveraging existing spare capacity to drive significant operating margin and earnings growth.
LBG Media 96.2p £200.1m (LBG.L)
The social entertainment group with a focus on young adults, announces a trading update for FY September 2025. Revenue improved 10% to £92.2m and EBITDA increased 2% to £25.0m. Highlights include the strong growth in the US which is the world’s largest advertising market with Direct content and campaigns improving 13% and in the UK despite the men's football European Championships generating around £3.5m of revenue in FY24. The cash and cash equivalents are £30.1m, compared to £27.2m, with cash conversion of 90%. The Board remains confident of the growth outlook for FY26, reflecting the diversified model, a healthy pipeline in the U.S. and UK.
Novacyt 38.9p £27.47m (NCYT.L)
The molecular diagnostics company with a broad portfolio of integrated technologies and services, gives a FY25 outlook and sets out its strategic goals. The Company expects to see a slight increase in H2 2025 revenues vs H1 2025, driven primarily by increased instrument sales, with new orders received from the recently launched LightBench Discover instrument. The Group expects to report an improvement in EBITDA loss for 2025 compared to the loss reported in FY24 of £9.1m which will be supported by a lower outflow than last year’s £6.8m. There are three organic KPIs; to deliver double digit revenue growth year-on-year, achieve 60% gross margins and to be EBITDA profitable.
Oxford BioDynamics 0.315p £6.2m (OBD.L)
The precision clinical diagnostics company bringing specific and sensitive tests to the practice of medicine based on its EpiSwitch 3D genomics platform, announces that it has conditionally raised in aggregate £7million at an issue price of £0.003. The Fundraising will provide working capital to support the Company's ongoing operation as sales revenues from test sales increase and whilst the Company seeks additional business development and non-dilutive funding opportunities through out-licensing and/or distribution agreements.
Prospex Energy 4.45p £19.08m (PXEN.L)
The investing company focused on European gas and power projects, reports that its applications for two onshore licence areas in Poland were published in the official EU Journal on 14 October 2025. Under EU laws, the application to licence open areas for hydrocarbon exploration and exploitation must be subject to a competitive process. A 90-day application window now follows the publication, Prospex has already pre-qualified to apply. The projects meet the Company's investment criteria, with proven gas production, high potential prospectivity, high potential for new reserves and can be brought onstream within two to three years. Planned expansion into Poland is an important to the growth strategy which would be accelerated if these new licences are awarded.
System 1 Group 240p £30.5m ( SYS1.L)
The marketing decision-making platform provides a Trading Update for H1 September 2025. Revenue is 7% lower at £17.1m due to decreased spending from many of its largest clients, resulting from the wider macroeconomic uncertainty. New business flow remained strong with wins including a multi-billion-dollar US beverage business, a global banking and wealth management company, the largest supermarket operator in the US, and the UK's largest wealth manager. Revenue in continental Europe was 36% lower than in H1 while the UK trended broadly stable. The Gross Profit in H1 FY26 reached £14.9m at a margin of 87% compared to £16m at 87% margin. The cash balance was £10.8m compared to £8.9m and the full year guidance is unchanged.
Virgin Wines 48.8p £25.3m (VINO.L)
The direct-to-consumer online wine retailer announced FY results to June 2025. Total revenue in-line and unchanged compared to last year at £59m despite the contraction in the broader online drinks market. EBITDA profitability is reported to be ahead of expectations at £2.3m but still lower than last year’s £2.8m with the PBT at £0.1m compared to £1.6m. The balance sheet has net cash of £9.3m(FY24: £10.3 million) and remains debt free. Current trading is in line with market expectations with growth in Q1 2026 and highlights include a 29% increase in customer acquisition and Warehouse Wines trading strongly with a 134% rise in revenue.
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