Whisper it, but we might just be starting to see the green shoots of recovery in the small- and mid-cap end of the equity market.
It follows the news that Videndum PLC, the maker of hardware and software used in film, TV and content creation, has raised £125 million.
That in itself is some feat in a market where the cash taps have been rusted shut. The quantum is just a tad shy of the business's market capitalisation ahead of the City fundraiser.
But the other unique aspect of the placing was that the shares were sold at a very modest discount – 3.3%.
It’s fair to say some companies at this end of the market have been forced to take a punitive haircut to get modest, keep-the-lights-on cash calls away.
It looks like Videndum has something that others have lacked – patient shareholders and a cornerstone backer seemingly willing to follow its money.
Those who have covered this segment of the market over the past 20 months or so have now seen a smattering of similarly sensibly priced (but more modest) equity funding rounds. So this offers the hope some semblance of normal service has resumed.
Or perhaps it is just clutching at straws, and the cash taps will be welded back shut ahead of the Christmas break.
Videndum's new investment will be used to repay debt, putting the group on a much firmer financial footing.
Unsurprisingly, the shares perked up – 8% in early trade to 334.6p.