Power Probe PLC, a tools firm based out of North Carolina, has announced it is intending to join the London Stock Exchange, supported by a $15 million equity funding.
The automotive diagnostics group said preparations for the proposed IPO are at an advanced stage.
Founded in 1992, the company produces electrical diagnostic tools used by professional service technicians across powered circuit probes, testing kits, measuring tools and other specialised equipment. Power Probe reported revenue of $31.3 million in 2024, up from $25 million in 2022, and underlying EBITDA of $8.3 million.
"Our proposed IPO marks a pivotal and exciting moment in Power Probe's history," CEO Chema Garcia said. He said admission would support investment in a new US manufacturing facility and accelerate product innovation across the company’s seven product categories.
Garcia added: "Our position as a leading developer in the specialised automotive electrical diagnostics market has been achieved by continuously adapting to the rapid evolution of vehicle technology, and with modern vehicles centred around intricate electronic and digital control systems, our user-friendly and multi-functional diagnostic tools are more in demand than ever.
"We are ready to take the decisive next steps in our journey, and I am looking forward to embarking on the next exciting chapter in Power Probe's development."