* 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.
Admissions:
None
Delistings:
Centaur Media (CAU.L) has left the Main Market
Life Science REIT (LABS.L) has left the Main Market
What’s baking in the oven?
Potential IPOs:***
16 April: The National Investment Fund of the Republic of Uzbekistan (UzNIF) announced that it has confirmed its intention to proceed with an IPO in the form of ordinary shares and Global Depositary Receipts. UzNIF is considering applying for Admission of its ordinary shares to trading on the Tashkent Stock Exchange and for Admission of its GDRs to the LSE Main Market. All of the Securities to be offered as part of the Offering will be secondary shares from The Ministry of Economy and Finance of the Republic of Uzbekistan. Further information about the International Offering and the Tashkent Offering, will be provided before the start of book-building in further announcements.
8 April: Rift Helium intends to IPO onto AIM late April. Rift is a helium exploration and development company currently focused on the exploration of a discovery-ready, non-hydrocarbon associated helium bearing acreage at its early-stage Upepo Project, located in southwestern Tanzania, within the Rukwa Rift - forming part of the East Africa Rift System (the "Upepo Project"). The Upepo Project comprises three prospecting licences over 283 km2 in the Rukwa Basin, near to existing helium projects operated by Helium One Global Ltd (AIM: HE1) ("Helium One") and Noble Helium Limited (ASX: NHE) ("Noble Helium"). The Company is raising £8.0m.
17 March: Vista Parcs Group has announced its intention to IPO onto AIM. The newly incorporated entity is proposing to acquire a portfolio of 13 UK-based holiday and residential parks currently owned by Barney Group 2 Ltd (BG2) and operated by Baslow Parks Ltd. Deal details TBC and expected Admission date anticipated mid-May.
4 March: Scotch Corner Designer Village Holdings plc, which is developing a largely pre-let retail and leisure destination in the North of England, announced its intention to apply for Admission to trading on the Aquis Real Asset Market (ARAM) segment of the Aquis Stock Exchange Growth Market. The Company is seeking to raise £25.5m. The listing is expected to complete in April.
Reverse Transactions:***
20th April: Ikigai Ventures Limited (LSE: IKIV), a special purpose acquisition Company focused on high-growth, scalable businesses, announced that final terms have been agreed for the proposed Acquisitions of the entire issued share capital of Dotlines (Guernsey) Ltd and Audra Solutions Ltd (together the Dotlines Group), companies that collaborate as a UK-based international technology group operating in the telecommunications, digital infrastructure, cybersecurity and financial technology sectors. Acquisition of the Dotlines Group with established, growing, revenue-generating operations is for a total consideration of £55.7m, to be satisfied by the issue of new Ordinary Shares in the Company on Admission. Based on the issue price of 9.5p per share, the market capitalisation of the Enlarged Group will be approximately £57.9m on Admission. The Company will move to AIM from the Main Market which will become effective on 11 May 2026.
Market Movers:***
15th April: Rosebank Industries (ROSE.L) will move from AIM to the equity shares (commercial companies) (ESCC) category of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange on 1 May 2026. The last day of trading on AIM is therefore expected to be 30 April. Rosebank does not intend to raise any funds or offer any new Ordinary Shares in connection with Admission. The Company anticipates inclusion in the next Quarterly Review of the FTSE 250 Index, although inclusion remains subject to review by FTSE Russell.
13th April: EDX Medical (AQSE:EDX) which develops digital diagnostic products and services supporting personalised treatments for cancer, cardiovascular and infectious diseases, announced its intention to move to AIM from AQSE. No new capital is to be raised on Admission and the anticipated market capitalisation is £44.28m. Expected Admission date of 13th May.
1st April: Oscillate (AQSE: SRVL), the Company focused on building an independent copper and future metals developer, announced that further to the announcement on 9 February of the conditional acquisition of Kalahari Copper, it has conditionally completed an equity fundraising of £2.9m and plans to move to AIM from AQSE with a market cap of £7.6m. Net proceeds of the Fundraising will allow for the advancement of the Company's proposed exploration assets in Namibia and Botswana. In addition, the Company will change its name to Serval Resources. Admission to AIM is expected to occur on 27 April.
20th February: Wildcat Petroleum (WCAT.L) announced its plans to cancel its Main Market listing and move to the Aquis Growth Market. In parallel with the proposed cancellation, the Board intends to pursue opportunities in the gold sector, with a view to developing the Company as an African-based gold processing business. Timing TBC.
Banquet Buffet****
capAI 1.16p £2.91m (CPAI.L)
The AI developer reports a strategic update at its AGM. There is continued strong execution across its platform portfolio, which is entering a key inflection point, with multiple products transitioning from development into live user availability. The sector focus is across preventative health, media platforms and the development and commercialisation of associated content. The disciplined venture model, typically with Licence and Option Agreements, enables capAI to explore and develop multiple initiatives at relatively low cost, while retaining the ability to capture significant upside on successful projects. The transition of multiple platforms into live availability, combined with a growing pipeline of opportunities, positions capAI for its next phase of growth by validating both their technical capability and commercial potential.
Crism Therapeutics Corporation 13.0p £6.08m (CRTX.L)
The UK clinical-stage drug delivery Company focused on the localised and sustained delivery of chemotherapy drugs today announced positive preclinical results for its Docetaxel-ChemoSeed implantable drug delivery technology, demonstrating significant anti-tumour activity, evidence of dose response, and a favourable tolerability profile compared to standard systemic docetaxel in a prostate cancer model. Prostate cancer, the most prevalent cancer in men, is the second programme in CRISM's pipeline of product opportunities using the implantable ChemoSeed drug delivery platform. The Company's most advanced programme, Irinotecan-ChemoSeed in glioblastoma, remains on track for the first patients to be dosed in an open label Phase 2 clinical trial in H1 2026.
Ebiquity 10.75p £16.33m (EBQ.L)
The independent authority in marketing effectiveness reports FY December 2025. Revenue declined 4% to £73.4m, with operating profit 42% lower at £3.3m, reflecting a fall in margins from 10.3% to 6.3%. The statutory Operating Loss is £8.6m and a decline from a £0.9m loss in 2024, driven by the £10m non-cash impairment of the goodwill. The YE net debt is down by £2.5m to £13.1m. AI and proprietary technology innovations have been introduced to deliver operational benefits, including ERAbot, a proprietary agentic AI assistant. Q1 2026 has begun encouragingly with good demand for integrated independent expertise with secured marketing effectiveness engagements which have an aggregate contract value of more than £10m over their three-year terms. The decisive strategic and operational actions taken in the year to strengthen the leadership, operations, technology and market focus, position the Group to return to growth.
Facilities by ADF 12.00p £12.13m (ADF.L)
The provider of premium serviced production facilities to the UK film and high-end television industry announces its audited final results for the year ended 31 December 2025. Revenue increased 17% to £41.3m, reflecting the full-year contribution from Autotrak and a stronger second-half performance as activity levels and utilisation improved, while adjusted EBITDA increasing to £9.2m. Net debt reduced to £12.3m at the year end from £13.8m while a £5m Revolving Credit Facility was secured post year end. Q1 Trading for FY26 is so far in line with expectations, with improving utilisation and a healthy pipeline across all three businesses.
Gear4music (Holdings) 262.5p £53.81m (G4M.L)
The UK based online retailer of musical instruments and music equipment today announced a year-end trading update covering the 12 months to 31 March 2026. Sales for the year totalled £190.7m, with gross margin expected to be 28.4% and EBITDA to be not less than £18.1m. Net bank debt was reduced to £5m after £3.6m in relation to the new UK warehouse was prepaid. While it is early in the financial year, the board has not yet made any changes to FY27 forecasts.
Intercede Group 101.0p £52.94m (IGP.L)
The cybersecurity software Group specialising in digital identities announced new contract upsell orders and a renewal totalling $3.8m. The orders consist of an upsell to an existing large US Federal Agency of new perpetual licences for MyID CMS, including support and maintenance, totalling c$3.6m, alongside a $0.1m upsell to a UK Government Department. The Group also secured a renewal of support and maintenance for an existing MyID CMS deployment in a large US Federal Agency, totalling c$0.1m.
Ixico 7.13p £15.54m (IXI.L)
The neuroscience imaging and biomarker analytics Company, using its AI-driven platform to help advance drug development in neurological disorders, updates on trading for its interims to March 2026. Revenues are expected to be up 23% to £3.9m, driven by new contract wins and extensions. The gross margin is expected to increase to 53% from 50%. The loss before interest, tax, depreciation, and amortisation is expected to be £0.5m compared to a £0.7m loss. The cash position of £1.7m as at 31 March compares to £5.0m, but this excludes the £9.4m fund raise after placing costs in April. The funds are to support the Tech Bio strategy to partner its IXITM platform within the wider infrastructure and ultimately, Clinical Healthcare providers. The order book is expected to be 38% higher at £18.1m and H1 results will be released on 19 May 2026.
Norman Broadbent 221.00p £4.29m (NBB.L)
The Executive Search and Interim Management firm announced a trading update for Q1 ended 31 March 2026. The Net Fee Income was £2.2m for Q1 26 compared the 3m in Q1 FY25, reflecting a solid trading performance against a strong comparative period in 2025. The firm also secured four net new fee earners through organic recruitment, consistent with the objective to invest in growth by increasing fee-earning capacity. The acquisition of Society Limited was completed in February 2026, adding five additional full-time staff and broadening the Group's platform capability.
Supreme 157.50p £178.32m (SUP.L)
The manufacturer, innovator and distributor of fast-moving consumer goods, announced that it has entered into an exclusive five year licensing agreement with the energy drink brand Carabao. Under the terms of the agreement, Supreme will take responsibility for the manufacture and distribution of Carabao energy and isotonic drinks across the UK, marking a step forward in the brand's expansion and long-term growth strategy. Carabao has built a strong global identity, supported by its high-profile presence in football, where it has recently extended its sponsorship of the Carabao Cup until 2029.
Surgical Innovations Group 0.45p £4.20m (SUN.L)
The designer, manufacturer and distributor of medical technology for minimally invasive surgery reported its finals for the year ended 31 December 2025. Revenue was broadly flat at £11.6m compared to £11.9m in 2024, however gross margins improved to 33.7% from 30.7% due to a change in product mix towards Elemental Products. While SI branded sales faced headwinds in the US and India, the Group saw 23% growth in Europe driven by continued resonance of its sustainability messaging. The Group recorded positive sales performance in Q1 and continues to focus on operational efficiencies expected to drive further margin improvement. The Group has secured Medical Device Regulation (MDR) certification which paves the way for new devices to expand the portfolio.
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