What’s cooking in the IPO kitchen?
AIM
Arena Events Group - provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday. 25th July.
Altus Strategies — African focused natural resource Company. Offer TBC. Expected Mid July.
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 — £35m vendor sale. Mkt cap £70.5m. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m.
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
Forbidden Technologies (LON:FBT) 5.12p £9.25m
Agreement with F2 Technologies ("F2"), a provider of IP-based solutions that bring digital content to market, to act as a value-added reseller for Forbidden's Forscene cloud video platform in Canada.
It is expected that F2, with its focus on the media and entertainment sector, will significantly add to Forbidden's sales capacity in Canada and provide strong local servicing capabilities.
There are no market forecasts.
Ebiquity (LON:EBQ) 112.5p £82.14m
Launch of its Total View Attribution service to enable businesses to improve the return on investment of their multi-channel marketing activity and guide investment strategy development.
Total View Attribution is a first to market service developed with Ebiquity's proprietary technology and expertise to accurately measure and analyse the returns generated through advertisers' marketing and media investments across all channels both on and offline. The service will enable brands to improve and refine their marketing strategies providing a clearer understanding and tracking of which channels and campaigns are most effective. FYDec17E PE c.12x. Div. 0.7p.
ITM Power (LON:ITM) 25p £52m
The energy storage and clean fuel company, is pleased to announce that it has signed a fuel contract with Honda (UK), who will purchase hydrogen at £10/kg. The contract covers fuel dispensed across ITM Power's hydrogen refuelling network. The refuelling network has been financially supported by Innovate UK, Office for Low Emission Vehicles (OLEV) and the Fuel Cells and Hydrogen Joint Undertaking (FCH JU).
This is the seventeenth fuel supply contract for refuelling fuel cell electric vehicles ITM Power has signed. ITM Power is currently rolling out a network of 10 hydrogen refuelling stations in the UK of which 4 are now open for public access. FYApr18E rev £8.75m, £2.3m loss.
Gateley Holdings (LON:GTLY) 184.5p £197.2m
FY Apr17 results from the national commercial law and complementary professional services Group. Revenue increased 15.7% (2016: 10.2%) to £77.6m (2016: £67.1m). Adjusted EBITDA increased 15.5% (2016: 14.8%) to £14.9m (2016: £12.9m). Basic EPS increased 15.3% to 9.43p (2016: 8.18p). Proposed final dividend of 4.4p resulting in an increased total year dividend of 6.6p (2016: 5.639p). “We are pleased to report that trading in the first two months of the current financial year has continued well. As highlighted above, we are confident that our business is well balanced and resilient and we remain focused on delivering another year of growth in both our core services and our complementary professional services.” FYApr18 rev £80.4m, PBT £14.3m.
Jangada Mines (LON:JAN) 6.5p £10.86m
The natural resources company developing South America's largest and most advanced platinum group metals ('PGM') project, announced an updated JORC (2012) compliant Resource estimate, which now includes copper and nickel by-product credits, at the Company's Pedra Branca PGM project.
o 109 million pounds of Ni and 23 million pounds of Cu contained metal in the resource model grading 0.214% Ni and 0.045% Cu
o Builds on existing JORC (2012) Compliant Resource of 23Mt at 1.3 g/t (PGMs) containing ~1Moz PGM + Au mineralisation from surface. At current spot prices, the credits add an additional US$521m to the in-situ value of the currently declared PGM+Au resources.
Avesero Resources (LON:ASO) 2.58p £137.11m
Quarterly production report from the West African gold producer. Total gold production for the Quarter was 15,824 ounces representing a 6% increase on the previous quarter. The Company maintains its 2017 production guidance of 90,000 -100,000 ounces. The total material movement achieved in the Quarter was 3,779kt, a 12% reduction on the previous quarter. The reduced mining rate was attributable to a transition from free-dig oxide material into fresh rock within the Kinjor pit requiring drilling and blasting prior to excavation. However, mined ore grades averaged 2.64g/t, an increase of 19% on the previous quarter. Throughout the Period, the Company continued to focus on opening access to new areas of fresh ore and catching up on previously postponed waste pushbacks.
Craneware (LON:CRW) 1305p £352m
The specialist in Value Cycle solutions for the US healthcare market, provided an update on trading for the year ended 30 June 2017. The Group has continued its strong performance throughout FY17. Double digit growth has continued in the second half of the year and, as a result, the Group expects to report full year revenue growth of 16% to $57.8m (FY16: $49.8m) delivering EBITDA of $18.0m (FY16: $15.9m). “In addition, the Company launched its first product on its new cloud based platform Trisus, and the Board is delighted to report early sales of Trisus Claims Informatics.” FYJun17E rev £44.94m and PBT £13.57m.
Next Fifteen Comms (LON:NFC) 421p £310m
The digital communications group, announced the acquisition of Velocity Partners Limited. a B2B digital agency with a focus on technology clients. Velocity was founded by Doug Kessler and Stan Woods in 2000, who will remain in the business following its acquisition. Clients include multi-national technology groups, such as Sprint, Xerox and Informatica. Velocity is based in the UK, however, 70% of its revenues came from US-based clients in financial year ended 30 April 2017. £5.9m up front plus deferred. Expected to be earnings-enhancing for the Group in the current financial year. For the year ended 30 April 2017, Velocity reported net revenues of £5.2 million and adjusted profit before tax of £1.35 million. FYJan18E rev £193.3m and PBT £28.78m.
Milamber (AQSE:MLVP) 8p £0.6m
“The media, technology and education growth accelerator is proud to announce the launch of the Milamber Education Technology Fund (the "Fund") in strategic partnership with Innvotec (www.innvotec.co.uk). The Fund is an open-ended, evergreen hybrid SEIS and EIS Fund, focusing specifically on education technology companies. Milamber uses its expertise to identify, evaluate and commercialise the know-how and intellectual property of its education technology Portfolio Companies. Where appropriate, the Fund will lead investment rounds for these companies, harnessing Milamber's network for follower investment.”