What’s cooking in the IPO kitchen?
AIM
Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m.
AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July.
Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Raising £9m of which £7.4m new money. Mkt cap c. £27.4m. Due 13 July
NEXUS Infrastructure—Offer TBA. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m.
Tatton Asset Management –Sch 1. Provider if services to FCA authorized financial advisers. Raising £10m at 156p. Secondary offer £41.6m. Due 6 July.
GYG—Intention to float by the superyacht painting, supply and maintenance company. Due 5 July. Raising £6.9m new plus vendor sale of £21.5m at 100p. Mkt Cap c. £47m. Revenue of €54.6m in FY16 and adjusted EBITDA of €6.7m.
Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July.
QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA
I3 Energy –Schedule 1 Update. Independent oil and gas company with assets and operations in the UK. Offer TBC, Mid July admission.
Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June
Main Market Standard Listing
Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July.
Main Market Premium Listing
Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published.
Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00
Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July.
Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus.
NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June.
Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options.
Main Market Specialist Funds
Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Breakfast buffet
Petards Group* (LON:PEG) 31p £11.34m
The developer of advanced security systems is pleased to announce that it has been awarded two significant contracts totalling £1.5 million in value. The MOD has awarded Petards a £1m contract for the delivery of an Emulator that will enable Petards ALE-47 Threat Adaptive Countermeasures Dispenser System (TACDS) to be used more effectively. Begins in H2 2017 and ends mid 2018. Also a £0.5m contract with Leonardo (was Augusta Westland) for the continuing upgrade of the Merlin Mk.4 for H1 2018. Furthermore the MOD has exercised its option to extend by one year to September 2018 the Group's existing enabling contract to supply it with private mobile radio equipment, ancillaries and engineering services. Circa £0.5m annually. FY17E rev of £16.2m and PBT of £1.05m.
Johnson Services (LON:JSG) 132p £483.74m
Pre-close update for H1 June 17 from the UK textile rental provider. “The Group has continued to trade very well in the first half with the results for the full financial year now expected to be slightly ahead of management expectations.
JSG is very well placed for the seasonally busy summer months following the successful completion of two major investment programmes at the Southall and Chester factories.
The Board remains focused on driving the operational and synergy cost benefits of last year's acquisitions as well as considering further opportunities to develop the business.” PE c.16x and yield c.2.1% for FYDec17E.
Staffline Group (LON:STAF) 1320p £367m
HYJun17 update from he Staffing and Employability organisation. “As noted at the Group's Annual General Meeting on 18th May 2017, the Staffing division has continued to perform well with strong demand for its services from both new and existing customers. The number of OnSites continues to grow. We are still seeing no change in demand following the EU Referendum Vote and the Group continues to source record numbers of workers to supply this demand. In PeoplePlus, the Group's Employability, Training and Skills division, we are seeing the benefits of the reorganisation of the division in 2016. The new business pipeline remains strong and we continue to bid for and win new contracts.” Trading in-line. PE for FYDec17E c.11.3x and yield c.2.1%.
HML Holdings (LON:HMLH) 41p £18.48m
FYMar17 results from the property management services Group. Revenues up 13% to £20.91m (2016: £18.56m). EBITDA up 13% to £2.14m (2016: £1.89m. Operating profit up 12% to £1.84m (2016: £1.63m). Profit before tax up 7% to £1.30m (2016: £1.21m). Adjusted EPS 3.9p (2016: 3.8p). Dividend per share proposed of 0.37p (2016: 0.33p). "In a market that is becoming increasingly polarised between those offering services that are compliant with the ethical code and practices of our professional bodies and those that aren't, HML is emerging as one of the largest managing agents in the independent owner-occupied sector and remains well-positioned to benefit from the growing need for independence and professionalism." FYMar18E rev £34m and PBT £2.2m.
TechFinancials (LON:TECH) 6.8p £5.3m
HYJun17 trading update from the provider of financial trading solutions for retail customers. The Group expects revenues to be in the region of $7.0 million and expects an EBITDA loss of no greater than $0.4 million. The Group had cash of $5.8 million as at 30 June 2017. As previously reported, the global regulatory environment related to Binary Options remains challenging, which has had an adverse impact on the business and trading. As a result, the Board has taken a number of decisions to mitigate the regulatory impact and to restructure the business and reduce its operational costs.
MySQUAR (LON:MYSQ) 4.29p £37.61m
The Myanmar-language social media, entertainment and payments platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, has reached a ‘very significant’ milestone of achieving run rate operating breakeven. During the last few days of June 2017, the average daily revenue reached approximately USD 8,500, an increase of 21.4% from an average of USD 7,000 in early June 2017 and an increase of 54.5% from an average of c. USD 5,500 for the whole of May 2017 .
Premier Technical (LON:PTSG) 128.5p £117.59m
The niche specialist services provider, announced the proposed acquisition of Brooke Edgeley (Industrial Chimneys) Ltd ("BEST"), a market leading lightning protection and steeplejack company based in Manchester for a day one cash consideration of £14.0m. The Company also announced its intention to conduct a non-pre-emptive cash placing to raise gross proceeds of £15.0m to fund the Acquisition and associated costs. Deferred Consideration of £6m part cash and shares over 3 years. BEST unaudited revenue for the year ended 5 April 2017 was £10.5m, producing an EBITDA of £2.3m and profit before tax of £2.1m. FYDec17E £44m and PBT £8.8m.
Ebiquity (LON:EBQ) 120.5p £87.98m
The leading independent marketing and media analytics consultancy, announced the launch of Ebiquity Media Transparency Score, an innovative transparency measurement and evaluation tool to help advertisers benchmark performance on an annual basis and improve media effectiveness through operational transparency. "We have been partnering with advertisers to help them improve the effectiveness of their media investments for many years, and we believe the Ebiquity Media Transparency Score will become one of the industry standard benchmarks for this." FYDec17E PE c.11x.
Advanced Medical Solutions Group (LON:AMS) 286.25p £609.3m
H1 Jun 17 trading update form the surgical and advanced wound care specialist Company. ‘The Group continues to make good progress and can confirm that trading for the six-month period is in line with the Board's expectations.
Chris Meredith, Chief Executive Officer of AMS, commented: "The Board is pleased with the ongoing strong performance of the business and we are on track for the full year. We remain focused on our strategic objectives to grow organically and through acquisition, whilst delivering innovation that will benefit both patients and surgeons." FYDec7E rev £92.4m and £22.67m PBT.
Gamma Communications (LON:GAMA) 625.5p £580.94m
HYJun17 update from the technology based provider of communications services to the UK business market. Has continued to perform ‘well’. Continued strong growth in Gamma's SIP Trunking, Cloud PBX and data services, with margins consistent with the prior period. Launch of Cloud Compute and Backup, providing packaged server applications for small to medium businesses. Extension of the Horizon Cloud PBX service to provide increased integration with specific vertical CRM applications in areas such as health. Cash of £28.7m. FYDec17E rev £228m and £26.2m PBT.