* 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:
Following the spinoff from Unilever, The Magnum Ice Cream Company (MICC.L) announced its ordinary shares will be listed today on the Euronext Amsterdam, Main Market London Stock Exchange and NYSE. Its debut on the Euronext Amsterdam was Euro 7.8bn.
Delistings:
On Friday 5th, Petershill Partners (PHLL.L) and Spectris (SXS.L) left the Main Market.
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 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 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.
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 Company's main country of operation is the US. The Company will raise £11.2m at 82p, giving a market capitalisation of £60.4m. Expected Admission date is 11th December.
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 11th 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. 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****
Beeks Financial Cloud Group 235p £156.22m (BKS.L)
The cloud computing and connectivity provider for financial markets announced continued sales momentum with two further notable wins for Beeks' Proximity Cloud offering, a high-performance, dedicated and client-owned trading environment. As with the contracts announced last week, revenue from both contracts is expected to commence in H2 FY26, further underpinning the Board's FY26 expectations. The contract with the South African bank has an initial aggregate value of £1.9m over five years with the potential for further expansion. Further to the extension announced on 3 December 2025, Beeks has signed an additional £2m extension to the Proximity Cloud contract with the same large FX broker, bringing the total contract to £6m over five years.
Big Technologies 64.2p £186.44m (BIG.L)
The provider of electronic monitoring solutions provides the following update to 8th December. New business wins have been secured in Lithuania, Latvia, and Pierce County (Washington state), subject to final contract and signed in Prince Edward Island, Canada. All of the contracts and awards are expected to generate ARR to the group over the course of 2026 as they come online and reduce customer concentration. The largest award, Lithuania, will deliver an initial ARR of £0.6m expected to materialise in 2026, with the opportunity to grow to a total contract value of up to EUR 6m over a three- year term. The Group expects to release its full year trading update at the end of January 2026 and new contract wins underpin confidence in the Group's trading in line with market expectations.
Eagle Eye Solutions Group 300.00p 87.27m (EYE.L)
The SaaS and AI technology Company has signed a three-year contract with a large regional US grocery supermarket chain for Eagle Eye's AI-powered Personalized Challenges and Personalized Promotion Ranking solutions. The contract comprises a six-month proof of concept for a fixed fee across a subset of the grocer's customers, with the intention of rolling into a three-year SaaS-based contract across the wider customer base. This would make a material contribution to EagleAI ARR from H1 FY27, supporting the Board's current expectations.
Falconedge 1.075p £10.86m (AQSE: EDGE)
The provider of hedge fund advisory services announced that it has begun implementing its Bitcoin treasury yield strategy through its fully regulated and FCA authorised external digital yield platform, Falcon Investment Management Ltd (FIM). The initiative aims to generate sustainable and transparent returns on the Company's Bitcoin holdings, transitioning the treasury from a passive to an active yield-focused strategy.
Hercules 45.00p £33.04m (HERC.L)
The technology enabled labour supply Company for the UK infrastructure and construction sectors announced that its Civils Projects division has been awarded a series of new sub-contract packages from its clients in the UK water sector to start in Q1 FY2026. The new agreements total £6.2m in value and are expected to be delivered in the next six months. Hercules is a strategic supplier to contractors operating within the following UK water regions: Anglian Water, Thames Water, Southern Water, Severn Trent Water, Wessex Water, United Utilities, Welsh Water, and Yorkshire Water.
IQE 5.18p £49.08m (IQE.L)
The global supplier of compound semiconductor wafer products and advanced material solutions has signed a multi-year extension to its strategic agreement with NASDAQ listed Lumentum Holdings. The agreement is for the supply of epiwafers supporting advanced sensing technologies. The extended agreement helps the advancement of 3D Sensing technologies across Lumentum's broad photonics product portfolio. These technologies are key enablers in consumer, automotive LiDAR and in-cabin sensing applications and have achieved significant innovation in sensing technologies, into a new generation of consumer and automotive products.
Journeo 487.50p £83.28m (JNEO.L)
The provider of intelligent systems for transport networks and critical national infrastructure announced that, under the four-year framework agreement with a major UK utility company announced on 8 September, its recently acquired subsidiary, Crime and Fire Defence Systems Limited (CFDS), has received initial purchase orders totalling £2.3m. These initial orders relate to three sites where CFDS will deliver complex, high-security infrastructure protection solutions, applying its specialist expertise to safeguard critical assets, and support the continued resilience and integrity of operations. Work has already commenced, and all three sites are scheduled for completion in 2026.
Thruvision Group 0.93p £3.25m (THRU.L)
The provider of walk-through security technology announced that it has received a Notice of Intent to Award for its SpotCHECK people-screening solution, to support aviation worker screening under the TSA National Mandate at a large Pacific Northwest airport in the US. This award is from an existing customer, and the final contract award is subject to completion of standard procurement and approval processes that are expected to be completed by 13 December.
Zentra Group 2.625p £1.02m (AQSE:ZNT)*
The Manchester-based residential developer, development manager and property manager focused on the North of England, provided a trading update. Zentra reported the completion of its £1.0m disposal of Seaton House in Stockport, following planning approval for the rear site, resulting in a £140k post-cost loss. The transaction has now completed, generating net proceeds of £0.4m to support development and working capital. At One Victoria, Manchester, the 129-unit scheme’s structure is complete, with facade and internal fit-out advancing and show apartments open. Practical completion has shifted from Q4 2025 to Q2 2026 after contractor disruption. Sales have improved, with 72 units exchanged and four reserved. The Company will publish its audited Annual Report and Accounts for FY25 in late December 2025 and on Friday announced its AGM without the Company Annual Report for 30 December at 1130.
Hybridan Chefs
research@hybridan.com
Status of this Note and Disclaimer
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.