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****
Chapel Down Group 40p £60m (CDGP.L)
The wine company announced the completion of its 2025 harvest from it’s 1,018 acres of vineyards of which 777 are fully productive, an increase of +30% productive vineyards since 2022. This year's yield is expected to be 2,882 tonnes (2024: 1,852 tonnes), at an average yield of 3.7 tonnes per acre (2024: 2.5 tonnes per acre), which is +15% higher than the historic 5-year average yield per tonne. The warm and consistent summer of 2025 created optimal conditions for fruit development, resulting in grapes with a good balance of ripe fruit flavours for complexity and texture with the natural acidity that will add a fresh, crisp backbone to the company’s wines. As more of the vineyard estate becomes fully productive, Chapel Down is able to create a higher mix of Traditional Method sparkling wines which are the Company's core strategic focus. This vintage is expected to enable a higher mix of Traditional Method Sparkling wines than in any of the previous five harvests.
Foxtons Group 53.3p £158.2m (FOXT.L)
The estate agency has delivered year-on-year revenue growth in both Q3 and year-to-date, with Q3 revenue up 3% to £49.0m and year-to-date revenue up 7% to £135.1m, driven by the continued strength and resilience of Lettings. Non-cyclical and recurring revenues generated 71% of total Group revenue in the quarter, and mitigated a weaker sales market, which was impacted by reduced consumer confidence alongside increased uncertainty surrounding the delayed Autumn Budget. Lettings is expected to trade broadly in line with year-to-date trends for the rest of the year, while sales is likely to remain subdued for the rest of the year, in particular with the run up to the delayed Autumn Budget creating additional market uncertainty. Full Year adjusted operating profit is expected to be in the range of £21.5m to £23.2m (2024: £21.6m), with the range primarily reflecting uncertainty over the conversion rate of the Sales under-offer pipeline.
Gattaca 84.5p £26.31m (GATC.L)
The specialist staffing business announces FY results for July 2025. Net Fee Income (NFI) is 3% lower at £38.6m but with a 38% increased in EBITDA to £3.6m. The underlying PBT of £3.3m is 14% ahead of 2024 for an EPS of 7.8p v 6.0p. The largest contributor to Group NFI is infrastructure (36%) which grew by 5% with particularly strong growth within Water sector. The cash of £15.7m is lower than last year’s £20.7m, due mainly to a cost saving change in the invoice discounting facility. Gattaca sees growth potential in its chosen sectors having spent time rationalising and strengthening operations. Despite the challenging market conditions management are optimistic about prospects and expect to achieve growth in continuing underlying profit before tax, in line with the current market consensus of £4m.
GEO Exploration 0.275p £13.5m (GEO.L)
The early stage mineral resource exploration company announced an update on drilling activities at its Juno Project in Western Australia. Further to the drilling update provided on 19 September 2025, the Company advises that drill hole JUD002 is complete and drill core has been promptly dispatched to the laboratory for analytical work. Assay results are expected to be received by the Company during the current quarter. Drill hole JUD002 achieved a total depth of 774.7m and successfully intersected the targeted rock sequences. Good progress was made drilling JUD002 and the hole was completed in a professional and safe manner by the drill contractor. Drilling of both JUD001 and JUD002 advanced as planned, intersected the expected rock sequences and achieved adequate depths to assess targets in the drill hole locations. The Company will look to commence Phase 2 of drilling once the necessary approvals are in place, which are expected during the current quarter. Due to seasonal hot weather conditions, the Company will be drilling at Juno at the earliest opportunity in 2026.
Haydale Graphene Industries 0.7p £30.3m (HAYD.L)
The advanced materials group has announced it has entered into two new contracts with Affordable Warmth Solutions, the community interest company established by National Grid to reduce fuel poverty and improve energy outcomes for vulnerable households. The contracts - one funding the purchase for winter roll-out of Haydale's JustHeat system to vulnerable households and another supporting a grid stability trial - have a total value of approximately £450k over the next five months. This brings Haydale's total contracted revenues with major UK energy network partners and AWS to over £1m.
KCR Residential REIT 11p £4.6m (KCR.L)
The REIT focused on the residential property market announced its annual results for the year ended 30 June 2025. Revenue for the year increased by 5% to £1.89m (FY24: £1.80m) - slowing in growth in core rental income primarily as a result of a softer December quarter at the Deanery Court property, some vacancies at Ladbroke Grove whilst repairs and maintenance were completed and refurbishment work completed on two of the flats at Heathside during the March and June quarters. There was an active focus on cost management which resulted in administrative expenses increasing by just 2.7% to £1.36m. Costs continued to be tightly controlled and whilst the current underlying inflationary environment continues to present challenges, a number of areas for cost savings have been identified and implementation commenced. Cash used in operations increased to £117k (from £75k in 2024) which has increased due to the refurbishment costs of £203k and costs associated with refinancing of £74k. Excluding the impact of separately disclosed items, operating activity generated positive cashflow of £160k (compared to a deficiency of £7k in 2024). After allowing for financing charges, net cash used in operating activities was £800k (up from £659k in 2024).
Nexus Infrastructure 122.5p £11.07m (NEXS.L)
The provider of essential infrastructure solutions updates on trading for YE September 2025. Revenue is expected to increase 19% to £56.7m and the Group continued to maintain its focus on improving operational performance and managing its cost base, and as a result expects to report a reduced loss before tax. Coleman has been integrated with clients predominantly in the water and rail sectors and is contributing positively to group margins. The business is well positioned for the start of AMP8 and the anticipated growth in activity is expected to follow throughout FY26. The cash balance is £10.9m while down from £12.8m it included the £4.1m paid for Coleman. Markets remain challenging particularly housebuilding but
margins have continued to improve, and the order book has significantly increased over that 24-month period from £46.0m to £83.4m.
Power Metal Resources 13.25p £15.3m (POW.L)
The exploration company and project incubator with a global project portfolio, announced the signing of a binding subscription agreement for an investment of £4m in Apex Royalties Limited, a private,
diversified, mining royalty company. Apex was established in late 2024 and has since grown its portfolio to five high quality royalty assets providing exposure to gold, tin, bauxite and tungsten. Apex is led by an experienced board of directors with experience in the mining industry and, in particular, in the royalty sector, with the board comprising former directors and founder shareholders of Trident Royalties Plc. Pursuant to the Subscription Agreement, the investment is £4.0m in cash into Apex, alongside other investors as part of a financing expected to raise in excess of USD$10m. The proceeds of the Apex Fundraising will be used to finance part of the consideration for the acquisition of a royalty over the Pilot Mountain tungsten project, complete an option payment on a royalty over the Wuudagu Bauxite project, and provide additional working capital for future royalty acquisitions.
Shoe Zone 67.5p £31.2m (SHOE.L)
The footwear retailer released a trading update with revenues of FY2025 at £149.1m (FY 2024: £161.3m), down 7.6% due to a decline in consumer confidence and the general negativity in the UK, as well as trading out of 28 fewer stores. However, the key weeks of Back-to-School trade were in line with expectations, with Digital revenue up 2.3% year-on-year. Product margin reduced to c.61.0% (FY 2024: 62.8%), primarily due to higher container prices for the first half of the year, and the February 2025 'Buy one get one free' promotion. Profit before tax is expected to be approximately £3.3m (FY 2024: £10.1m). Adjusting for a £0.9m foreign exchange revaluation gain, therefore the adjusted profit before tax will be approximately £2.4m (FY2024: £10.0m). The reduction, compared to FY2024, is due to the sales reduction, year-on-year increases in National insurance, depreciation, National Living Wage and first half container prices. The company remains cautious about the near-term outlook, with trading conditions expected to remain subdued as a healthy cash balance is maintained at c.£6.0m (FY 2024: £3.7m) helping to provide resilience and stability.
Tooru 0.215p £3.6m (TOO.L)
The company focused on the health and wellness sector, has announced that Juvela, the Company's gluten free producer, which recently launched its new retail brand, OAF, has now increased the number of products that it currently lists in Tesco to eight under the OAF brand, with week-on-week growth being achieved. At the same time, the Company is in advanced discussions with regard to listing these products with other major supermarket chains. Since relisting, the Company has only raised new funds from the equity placing undertaken at the time and no additional debt has been drawn down under any previously announced debt facilities. Going forward, the Company expects to increase the working capital available for Juvela to support and promote the developing demand for its brands through Juvela's existing funding arrangements
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