Admissions:
The Beauty Tech Group (TBTG.L), a global leader in the rapidly growing at-home beauty technology market, began trading in its IPO on the Main Market at 8am this morning, at an offer price of 271 pence per Share, equating to a market capitalisation of approximately £300m. The Offer comprised 10,701,107 new Shares raising primary capital of approximately £29m, ensuring a debt-free position at IPO with sufficient working capital, and 28,605,654 existing Shares being sold by shareholders of the Company.
This equated to a total offer size of £106.5m. The Shares were up 10 pence in the first few hours of trading to 281 pence.
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.
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****
Angle 2.20p £8.87m (AGL.L)
The precision intelligence company specialising in innovative circulating tumour cell (CTC) solutions for use in research, drug development, and clinical oncology revises its business strategy. The Chairman, Dr Jan Groen, has moved into an executive role to lead the Company as it focuses on tight cost control, accelerated commercial progress, and a clear plan towards becoming a sustainable business. As part of its revised strategy, the Company proposes to change its name to Ce1LBxHealth plc to reflects the sharpened focus on the provision of high-value CTC-based precision diagnostic testing. The initial emphasis will be on the proteomics and genomics market segment to maximise the potential of its proprietary Parsortix platform capable of providing complementary insights to circulating tumour DNA. As highlighted in the recent interim results statement, the Company has a cash runway into Q1 2026 so expects to raise funds in the coming months.
Aptamer Group 1.10p £25.62m (APTA.L)
The developer of next-generation synthetic binders for the life sciences industry announces a new development contract with a top 3 global pharmaceutical company and continued strong commercial progress in the first quarter of the financial year. The fee-for-service development contract is worth £0.36m and for Optimer binders targeted at radio-pharmaceuticals with potential applications in therapeutics. This programme will engineer Optimers targeting an undisclosed cancer target which offers advantages including enhanced tumour penetration, and ease of chemical optimisation. Aptamer retains the rights for future licensing revenues upon commercialisation. The contract expands the application of the Company's Optimer technology into the growing targeted radiopharmaceuticals market, valued at $7.5bn in 2025, and represents the second therapeutic modality. These developments further position the Company for revenue growth in the current year.
Ariana Resources 1.88p £39.17m (AAU.L)
The mineral exploration, development and production Company with gold project interests in Africa and Europe announces final operational permitting for the Tavşan Heap-leach Project in Türkiye. This will allow the loading of ore onto the heap-leach pad and once sufficient ore is loaded gold production is expected to start in the current quarter. Approximately 800,000 tonnes of ore is currently stockpiled and awaiting loading, with crushing having been underway since August. Ariana owns 23.5% of Tavşan Mine and the start of heap-leaching operations is an important milestone and paves the way for sustained gold production from Türkiye, augmenting the existing production via the Kiziltepe CIL processing plant.
Cooks Coffee Company Ltd 9.00p £5.97m (AQSE:COOK)
The coffee-focused café chain and the owner of the Esquires (The Organic Coffee) brand completes a new partnership agreement with Tesco Ireland. Under the agreement five Esquires stores are scheduled to open in selected Tesco stores before the end of November 2025. The five new Esquires stores will be operated by franchisees bringing premium coffee and food offering to select Tesco locations. Tesco operates 193 outlets across Ireland and the Company is looking forward to working with Tesco and on future roll-outs.
Fusion Antibodies 15.00p £17.33m (FAB.L)
The pre-clinical antibody discovery, engineering, and supplier for both therapeutic drug and diagnostic applications has been selected to proceed with a new multi-target Integrated Therapeutic Antibody Services project. The client is a European-based global pharmaceutical company and the project will include humanisation and supply elements. This process is to make antibodies which were derived from non-human sequences, typically from mouse or rabbit, to be suitable for use in human therapeutics. Work in relation to the project is expected to be completed within the current financial year and generate revenues of not less than £175,000. This project with a major pharmaceutical business will, the CEO states, hopefully help drive sustainable growth, strengthen the market positioning, and open further new commercial opportunities.
Netcall 119.0p £201.79m (NET.L)
The enterprise software Company that unites automation and customer engagement in one AI-powered platform reports finals to June 2025. Revenue increased 23% to £48m, with PBT 19% lower at £5.1m and EPS 5% higher at 3.75p. The net cash is 20% lower at £27.2m after making £12.5m of acquisition payments and the Dividend was increased 6% to 0.94p. The two acquisitions are integrated and already delivering cross-selling, broadening local government solutions, and there is funding for organic investment and further selective M&A. The recurring revenue increased from 76% to 80% of total revenue. This momentum is reported to have continued into the new financial year, which opened with a record pipeline and a contracted revenue order book of £79m. The Group seems well positioned to capitalise on the AI- and automation driven opportunities.
Oxford Biodynamics 0.7p £10.28m (OBD.L)
The biotechnology Company advancing personalised healthcare by developing and commercialising precision clinical diagnostic tests for life-changing diseases reports a diagnostic test for Chronic Fatigue Syndrome, the first-in-class blood test achieves 96% accuracy. This offers a reliable test, avoiding lengthy diagnosis delays and misdiagnosis. The peer-reviewed study published in the Journal of Translational Medicine reports there is a simple blood test that can reliably identify ME/CFS - potentially transforming the diagnosis and management of this complex disease. The Company aims to identify an appropriate partner to co-develop or license the test, and bring it into the clinic as soon as possible.
Seeing Machines Limited 3.25p £153.27m (SEE.L)
The advanced computer vision technology Company that designs AI-powered operator monitoring systems to improve transport safety reports an order. The order is to supply Guardian Backup-driver Monitoring System (BdMS) units to a world-leading North American self-driving car company. The contract is valued at around $1.8m and supports the customers' continued expansion of its test fleet as the autonomous ride-hailing industry continues to grow. Safety concerns remain paramount, and the standard practice is to have a back-up driver present in these types of vehicles. Seeing Machines is well positioned to support this evolution with its Guardian BdMS solution, bridging the gap between fully autonomous operations and human oversight.
Tekmar Group 6.63p £8.51m (TGP.L)
The provider of asset protection technology and offshore energy services announces that it has signed an exclusive framework agreement with Jan De Nul. It is for the engineering, manufacturing, and the supply of Tekmar's 10th Generation Cable Protection System (CPS) supporting TenneT's 2GW Program in Germany. The first awards under the agreement cover two projects and the first project’s delivery is expected in FY2027. This framework agreement provides a clear pathway of multi-project opportunities in the growing German offshore wind market.
Xeros Technology Group 1.75p £7.81m (XSG.L)
The creator of technologies that reduce the impact of clothing on the planet reports a launch agreement with a global leading washing machine manufacturer. The manufacturer sells around seven million domestic washing machines per year, operating predominantly across North and Latin America. The agreement is paid-for, time-bound process with defined milestones and deliverables, anticipated to complete in around 12-18 months. The intended outcome of the Launch Agreement is the mass production of domestic washing machines using Xeros' laundry care technology. The Group anticipates similar paid for agreements will follow, as it currently has three further global washing machine manufacturers in technical verification.
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.
This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or 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 any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information 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. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
Any and all opinions expressed are current as of the date appearing on this face of 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. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, 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.
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 each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (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 purposes of clarity, 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.
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, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
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.
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.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
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.
If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.
