* 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:***
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.
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.
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.
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****
Angling Direct 54.5p £38.7m (ANG.L)
The omni-channel specialist fishing tackle and equipment retailer announces its unaudited financial results for the six months ended 31 July 2025. Group revenue was up by 17% to £53.6m, with gross margin increasing by 130bps, driven by a higher mix in sales from own brand products alongside working more closely with key brands to drive volumes and improve terms due to scale and presence in the UK and Europe. The adjusted EBITDA grew by 39.4% to £3.9m, while the Company also reported a strong balance sheet with net cash of £12.5m at 31 July 25. Group revenues increased 10.8% over August and September, which has revenue and adjusted EBITDA to be ahead of market expectations for FY26.
Ascent Resources 0.45p £3.85m (AST.L)
The onshore US focused oil and gas Company updated investors in relation to the Company's ongoing domestic disputes arising out of the insolvency of the Company's former Slovenian joint venture partner, Geoenergo d.o.o. As previously announced on 3 July 2025, the Company's wholly owned subsidiary Ascent Slovenia Limited received a binding domestic arbitration award confirming its entitlement to an increased amount totalling approximately EUR7.8m in hydrocarbon production proceeds owed to ASL by Geoenergo from historic production prior to Geoenergo entering insolvency in January 2024. ASL has now filed a court application to make the award enforceable. This filing includes a request for the Administrator to immediately pay EUR56,825, as specified in the Tribunal's decision, which is expected to be paid in full ahead of completion of the insolvency process.
Blue Star Capital 14.25p £6.66m (BLU.L)
The investing Company with a focus on blockchain, payments, and esports, announces that its investee company, SatoshiPay Ltd, has completed a EUR250k fundraise, through a Simple Agreement for Future Equity funding round, with Blue Star Capital as the sole participator, covering the entire round. In addition to the EUR250k, Blue Star has signed an agreement with SatoshiPay, allowing the Company to participate in a further SAFE round up until 31 January 2026 allowing it to invest up to EUR250k on identical terms. The Company will support SatoshiPay at this critical stage in its evolution and believes the conversion terms are attractive to the Company, while also allowing SatoshiPay to focus on building its business without the distractions connected with fund raising.
Caledonian Holdings 0.0032p £3.36m (CHP.L)
The investment Company focused on building an integrated portfolio of technologies in the financial services sector announces a further investment in AlbaCo Limited, a UK banking platform applicant. The Company has entered into a subscription agreement to commit up to £1m of funding to AlbaCo as a prepayment towards Caledonian's participation in AlbaCo's forthcoming authorisation capital raise. The investment has been made on commercial terms that include warrant participation and associated fees, with the warrants to be issued and fees paid being conditional on, inter alia, completion of AlbaCo's regulatory capital fundraising. This is consistent with Caledonian's strategy of securing attractive economics for its shareholders.
Cordel Group 6.73p £14.32m (CRDL.L)
The Artificial Intelligence platform for transport corridor analytics announced an extension to an existing contract with the Australian Rail Track Corporation, taking the term of the engagement to 31 August 2026. This collaboration, which began in 2019, was the Company’s first large-scale commercial deployment of the unattended infrastructure monitoring solution. The new extension includes network wide Light Direction and Ranging, Video and Clearance Assessments.
Insig Ai 34.00p £39.43 (INSG.L)
The provider of AI-led analytics and machine learning solutions has raised £0.5m at 30p, which is approximately a 7.4% discount to yesterday’s closing price. The Placing proceeds will be used for general working capital purposes including bolstering Insig's sales activities and the continuing evaluation of the Company's strategic options: this includes the potential establishment of a fund dedicated to investments in digital assets and related enterprises. The funds will also enable additional investment into sales growth of the current and planned new product offerings.
Inspiration Healthcare Group 21.50p £19.73m (IHC.L)
The medical technology Company reports interim results to July 2025. Revenue improved 41% to £24m driven by neonatal product sales, a Middle East contract and UNICEF contract delivery. The Gross profit margin increased to 46.2% from 43.5%, leading to adjusted EBITDA profit of £1.3m compared to a £0.9m loss, reflecting the solid operating performance with a decreased loss before tax from £0.7m to £0.28m. As a result of strong cash flow from activities, net debt reduced from £8.3m to £6.7m. Key supply chain challenges were resolved and operationally product lifecycles have been streamlined, international distribution strengthened, which contributed to the increased margins and reducing working capital requirements.
Orosur Mining Inc 24.60p £77.31m (OMI.L)
The South American-focused gold Company announced an update on the progress of exploration activities at the Company's flagship, 100% owned, Anzá Gold Project. As announced on 14th July 2025, the Company took the formal decision to commence infill drilling at its Pepas gold prospect at Anzá, with the objective of moving Pepas to a NI43-101 compliant Mineral Resource Estimate by the end of the year. The drilling program continues to progress and remains on target, subject to a mid-program review. Drilling is currently focussing on locating and defining the margins to mineralisation and on better understanding the geological controls on the high grade that is evident in the central part of the Pepas orebody.
Reabold Resources 0.07p £5,76m (RBD.L)
The investing Company focussed on developing strategic gas projects for European energy security announces that it has entered into a binding, conditional agreement with Beacon Energy PLC (BCE.L) in relation to a significant strategic investment in LNEnergy Limited. As part of the Proposed Transaction, Reabold is selling its total interest in LNE to Beacon for a EUR16m earn out mechanism pursuant to which Reabold will receive 25% of its pro rata share of the net cash flow from the Colle Santo project once in production. Additionally, Reabold will receive new shares in Beacon, and will subscribe for additional shares as part of the Placing, to take its shareholding to approximately 29% of the enlarged capital of Beacon. Beacon will be seeking to admit its shares to trading on AIM and to carry out a placing to new and existing investors to raise approximately £3.5m to finance the Colle Santo project through FID and towards first production, as well as the associated required working capital. Reabold has agreed to support the Placing by participating with an investment of £750,000.
SpaceandPeople 225p £4.02m (SAL.L)
The brand experience, retail and promotional specialist, updates on trade for the YE December 2025. Management is anticipating revenue of £8.3m and a PBT of £0.5m, which is inline with expectations. As borrowing costs will decrease following the recent full repayment of the remaining term loan, it will feed through to an improved December 2026 for a 6% increase in Revenue to £8.8m and PBT of £0.75m. This equates to PBT margin increasing to over 8.5% for FY26 (FY25: 6.0%).
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