* 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
What’s baking in the oven?
Potential** Initial Public Offerings:***
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 mid-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 small-medium enterprises (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 the DIFC, United Arab Emirates. 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. Offer details TBC.
27th November: Power Probe, the producer of automotive electrical diagnostic tools for professional service technicians, announced its intention to 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 Directors believe the Group is well positioned to benefit from a number of positive, long-term tailwinds in this market, including the non-cyclical growth of the global Car Parc, the increasing average age of vehicles, and increasing vehicle complexity. The Company's main country of operation is the United States. Offer details TBC and timing expected mid December 2025.
25th November: Connecting Excellence Group, the international executive recruitment group with a Bitcoin treasury strategy, announced its intention to IPO onto the Aquis Stock Exchange Growth.
Admission is expected to occur on or around the 9 December under the TIDM 'XCE'. As part of its Admission to Aquis, the Company intends to raise a minimum of £1.5m 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, UK. 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%.
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); The 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.
Banquet Buffet****
Alien Metals 0.125p £11.6m (UFO.L)
The minerals exploration and development company has reported that its joint venture partner, West Coast Silver Limited has announced that it has entered into a non-binding Memorandum of Understanding with Artemis Resources Limited to evaluate the potential for Artemis' Radio Hill Processing Plant, located near Karratha, to process material sourced from West Coast's Elizabeth Hill Silver Mine in the Pilbara.
Digitalbox 4.75p £5.6m (DBOX.L)
The mobile-first digital media business, with websites such as the Entertainment Daily, The Daily Mash, The Poke, The Tab and TV Guide updates on its Q4 period in 2025. The Company expects EBITDA for the FY December 2025 to be significantly ahead of expectations while revenue to be broadly in line. Digitalbox's established brands have performed well alongside the expansion of TV Guide and success with investments in new brands Reality Shrine and Royal Insider, leading to a more positive performance than expected in FY2025. The organic growth is being developed through launching new products while the Company is open to further corporate activity to maximise shareholder value.
Eco (Atlantic) Oil & Gas 9.15p £29.6m (ECO.L)
The oil and gas exploration company focused on the offshore Atlantic Margins, announces the Company has entered into a binding Framework Agreement, the Orinduik Option and the Block 1 CBK Option with Navitas Petroleum LP, an international oil and gas exploration and production partnership with a portfolio of established North American and Falkland Islands oil and gas assets. As part of the Strategic Partnership, Navitas shall pay Eco Atlantic US$2m to enter into an exclusive option agreement to farm-in to the Orinduik Block offshore Guyana and Block 1 CBK offshore South Africa.
GeNinCode 3.85p £11.0m (GENI.L)
The Oxford based predictive genetics company focused on the prevention of cardiovascular disease and risk assessment of ovarian cancer, announces today a collaboration with Thermo Fisher Scientific to sell, distribute and manufacture the CARDIO inCode-Score Polygenic Risk Score test for the prediction and prevention of coronary heart disease. The collaboration includes manufacturing of CARDIO inCode-Score and sale and distribution across the US and Europe, Middle East and Africa regions. Prior to US FDA approval, laboratories will be introduced to CARDIO inCode-Score as a Lab Developed Test for the prevention of heart disease. Following FDA Medical Device approval, the collaboration will extend to manufacturing and sale of the device to laboratories and test centres across the US. A similar approach will be adopted in the EMEA market.
GEO Exploration 0.29p £14.2m (GEO.L)
The mineral resource and hydrocarbon exploration company announced that Exploration Licence E08/3792 has been granted to its wholly owned subsidiary Juno Gold Limited by the Department of Energy, Mines, Industry Regulation and Safety in Western Australia. License E08/3792 forms the northern parts of the Juno project located in central Western Australia where the company is conducting exploration and has recently completed its maiden drill programme for large Intrusion Related Gold Systems. The total granted tenure at Juno has now increased from 450 square kilometres to 644 square kilometres with the addition of Exploration Licence E08/3792. The exploration licence also contains potential exploration targets which share geophysical similarities to the primary target within Exploration Licence E08/3497.
Narf Industries 0.625p £10.6m (NARF.L)
The U.S.-based cybersecurity group specialising in advanced threat intelligence and software system security, announces that its Government Research & Development business has been awarded a contract valued at $3.6m from a U.S. government research and development agency. The two-year contract spans the current and next financial years and focuses on developing novel approaches to accelerate computer system recovery after cyber-attacks. Government demand for next-generation cyber resilience solutions continues to increase as agencies seek to incorporate AI, enhance system reliability, and reduce recovery times across critical missions. These structural tailwinds are creating sustained opportunities for organisations delivering applied innovation in support of national security objectives. Against this backdrop, the contract awarded to Narf by the U.S. government R&D agency reflects the Company's strong alignment with these priorities.
Physiomics 0.29p £0.9m (PYC.L)*
The mathematical modelling, data science and biostatistics company supporting the development of new therapeutics and personalised medicine solutions, has announced the award of two new modelling and simulation contracts with the total value of £29,750. The first contract has been secured with an existing client, a UK-based biotech firm specialising in AI-powered drug development. Building on an earlier project announced on 25 June 2025 and 6 August 2025, this new agreement is worth £13.6k and involves using Physiomics' unique Virtual Tumour Platform to guide dosing decisions for the client's leading oncology drug. The project is scheduled to complete within the next month. The second contract is with a new client and in collaboration with a partner to support a UK-based biotech company in the development of renal disease therapies. Valued at £16.15k, this project focuses on establishing a modelling and simulation strategy to advance the client's drug development efforts. While future opportunities cannot be guaranteed, the Company anticipates that this initial engagement may lead to larger projects involving further execution of modelling and simulation initiatives for the client. Completion of this project is expected within the next month.
Seed Innovations 3p £5.8m (SEED.L)
The AIM-quoted investment company has announced its Interim Results for the six months ended 30 September 2025. The company adopted a revised investing policy in August 2025, repositioning to focus on humanoid robotics, artificial intelligence and enabling technologies. The company also continued management of existing life sciences and wellness portfolio, with selective realisations where appropriate. Cash was £3.1m as at 30 September 2025, while the Net Asset Value was £11.2m at 30 September 2025 , or 6.0p per Ordinary Share, with the discount to NAV at c.40%. Post period end, the Board was strengthened with the appointments of Jim Mellon, Denham Eke, Sir James Bucknall.
Shearwater Group 47.5p £11.3m (SWG.L)
The cybersecurity, advisory and managed security services group, has announced that its Group company, Brookcourt Solutions, has secured a significant £7.3m contract extension and expansion, over three years, with a British mobile network operator. The company will recognise £3.5m in FY26, supporting the delivery of market expectations for the period. The contract comprises of approximately £6.1m for the provision of Thales Imperva Data Security Fabric licences, and approximately £1.2m for Brookcourt's Managed Services provision.
Tekmar 6.25p £8.7m (TGP.L)
The provider of asset protection technology and offshore energy services announces a significant contract and updates on trading for FY September 2025. The contract is with an existing customer supplying a major UK offshore wind farm and the project value is more than EUR8m. The scope of work includes the engineering and supply of Tekmar's 10th Generation Cable Protection System and associated cable ancillaries. Delivery is scheduled for March 2027, with revenue recognition expected across FY26 and FY27. The Board expects to report FY September 2025 in line with expectations with revenues in the region of £29m and above breakeven adjusted EBITDA. As at 30 September 2025, net debt was £2.8m. A concerted effort was made through FY25 to develop a sustainably larger pipeline of work which has become increasingly apparent as the H2 of FY25 progressed. As there is a higher volume and a balanced work across Tekmar's end markets and since 1 July 2025, around £29m of new orders have been won which is 60% higher than the comparable period.
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