18 March 2021
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What’s cooking in the IPO kitchen?
Parsley Box, the direct to consumer provider of ready meals to the 60+ demographic, recently announced its AIM IPO plans. Parsley Box provides ready meals, which are not required to be stored in a fridge or freezer, have a shelf life of up to six months and are cooked in minutes. The company reported revenue of £24.4m for the financial year ended 31 December 2020 (unaudited). Deal details TBC and admission is expected to occur late March/ early April 2021.
ActiveOps, a UK-based leader in Management Process Automation (MPA), providing a SaaS platform to large enterprises with complex and often global back-offices is planning to join AIM. Details TBA. Due late March.
Caerus Mineral Resources, a London based exploration and resource development company focused on developing mineral resources in Europe, recently announced the acquisition of New Cyprus Copper P.A. Ltd and its intention to IPO onto the Standard List. The NCC Acquisition provides Caerus with access to copper - gold exploration licences in the Republic of Cyprus. The company has raised circa £2.25m by way of placing and subscription. First Day of Dealings expected 19 March 2021.
Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Subject to EGM on 21st March.
Global review platform, Trustpilot has announced its intention to float on the premium list of the LSE. Trustpilot provides an open platform, which creates a place where businesses and consumers can gain actionable insights and collaborate. Consumers are able to share feedback, at any time, about any business with a website and review feedback left by other consumers. Total revenues were US$64.3m, US$81.9m and US$102.0m for the years ended 31 December 2018, 2019 and 2020, respectively. The Offer would comprise new Shares to be issued by the Company (raising gross proceeds of approximately US$50m to support Trustpilot's growth plans and repay indebtedness) and an offer of existing Shares to be sold by certain existing shareholders, directors and employees. Timing TBC.
Media reports video game firm, Catalis is mulling a London IPO, just over a year after being bought by a private equity firm. Catalis’s accounts are reportedly expected to show revenues increasing to £60m in 2020, up from £43m, with adjusted earnings of £15m. Deal details and timing TBC.
Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021.
NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021.
Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021.
Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company.
Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance.
Deliveroo is considering applying for admission of the Company's Shares to the standard listing segment of the Official List of the FCA and to trading on the main market of the London Stock Exchange. Deliveroo works with over 115,000 best loved restaurants, takeaways and grocery stores globally and provide work to over 100,000 riders across 800 locations in 12 markets, serving 6m customers globally.
Banquet Buffet
Ceres Power 1114p £1,964m (LON:CWR)
Results of Fundraise from the specialist in fuel cell and electrochemical technology, £181m raised at £10.60. Phil Caldwell, CEO of Ceres Power Holdings PLC, said: yesterday
"Ceres is a leader in solid oxide technologies aimed at delivering cleaner energy to the world. We are on the way to establishing our fuel cells as an industry standard, supporting our manufacturing partners as they scale up to initial mass market launches in 2024. Raising additional funds now allows us to develop our business into new market sectors from the same technology base and with the same high margin licensing model as our power system activities. We see high potential for our SOEC technologies aimed at industrial processes that are carbon intensive and difficult to abate, significantly expanding future royalty revenues for Ceres. There are also attractive growth opportunities in higher power generation applications and in future fuels. These investments position us well to take advantage of valuable future opportunities in the energy transition."
Ceres separately announced that Doosan Fuel Cell has signed a memorandum of understanding (MOU) with Korea Shipbuilding & Offshore Engineering, a shipbuilding division of Hyundai Heavy Industries, to jointly develop a solid oxide fuel cell (SOFC) system that provides cleaner power for ships.· This system will be based on Ceres' proprietary SOFC stack technology. Marine applications could represent a significant expansion of Doosan's future SOFC business, in addition to its established stationary power market
Thor Mining 0.875p £14.2m (LON:THR)
Three priority targets have been identified for drilling at its 100% owned Wedding Bell and Radium Mountain Project, located in the historic uranium-vanadium mining district within the Uravan mineral belt, south west Colorado.
Project prospective for "Salt wash" type sandstone hosted mineralisation within the high-grade uranium-vanadium Uravan mineral belt. - Three priority target areas identified - Section 23, Groundhog and Rim Rock.— Field sampling by Thor returned assay results of high-grade uranium (up to 1.25%U3O8 ) and vanadium (up to 3.47% V2O5) as announced on 21 July 2020.
Historic uranium-vanadium mining jurisdiction, within close proximity to well-developed infrastructure. - Close to the White Mesa mill which has historically acted as toll milling plant - Shallow depth of prospective uranium-vanadium fluvial sandstone hosted uranium is conducive to testing with low-cost reverse circulation drilling. - AIMS to quickly and inexpensively see if there is mineralisation which may require further investigation - Drilling is scheduled to commence in May 2021, once permitting is complete.
Blackbird 28.5p £96.1m (LON:BIRD)
LiveU, the leader in live video streaming and remote production solutions, has teamed up with Blackbird, the developer and seller of the multi award winning cloud-native video editing and publishing platform, Blackbird, to speed up the production process and engage viewers with enriched live and video on demand (VOD) content. The pre-integrated solution enables production teams to send reliable, high-quality video from anywhere and remotely edit, enrich and publish their live and VOD content to any destination. This ensures a seamless, consistent user experience for the end user.
Knights Group 421p £352m (LON:KGH)
Knights, the fastest growing legal services business over the last four years1, announced the appointment of Gillian Davies as Senior Independent Non-Executive Director and Chair of the Audit Committee with immediate effect.
Gillian has over 20 years' experience working in senior financial positions, including a number of Chief Financial Officer roles at listed entities including 4imprint Group Plc and Harwood Wealth Management Group Plc. She is currently Non-Executive Director, Chair of the Audit and Risk Committee and member of the Remuneration Committee at Ten Lifestyle Group Plc.
Brandshield Systems 22.25p £25.9m (LON:BRSD)
The provider of cybersecurity solutions from brand protection to online threat hunting, announces that it has launched cutting edge Image Recognition and OCR technologies for the detection of impersonation, phishing fraud and counterfeits on Social Media platforms.
This announcement follows the launch of Image Recognition and OCR in January 2021 for the detection of abuse across e-Commerce marketplaces, and reinforces the Company's commitment to the continued development of its brand protection and online threat hunting technology.
Ilika 192.5p £267.65m (LON:IKA)
The pioneer a pioneer in solid-state battery technology, announces that it has received ISO 14001:2015 certification following an assessment of its environmental management system. The accreditation covers the Company's continuing research and development as well as production and commercialisation of both its Stereax miniature batteries for Industrial Internet of Things and medical device applications, and the larger format Goliath batteries for automotive and consumer electronics applications.
ISO 14001:2015 is part of a family of standards developed by the International Organisation for Standardisation. It specifies the requirements for an environmental management system that an organisation can use to enhance its environmental performance. The certification confirms that environmental impact is being continuously monitored and improved.
Plant Health Care 15.05p £37.17m (LON:PHC)
The provider of novel patent-protected biological products to global agricultural markets, today announces its intention to raise up to US$10.0m before expenses by way placing and subscription at 14 pence per new Ordinary Share. The net proceeds of the Fundraising will be used to:
· Invest in PREtec product development and accelerate new product launches
· Reinforce the team, to support accelerated growth and new market entry including into Europe
· Strengthen Balance Sheet
Crimson Tide 3.35p £15.3m (LON:TIDE)
Crimson Tide announced a significant contract win with Compass Group, a global leader in food services. Compass Group provides food services and support services across five market sectors to a wide range of customers in the Private and Public Sectors. The client will be utilising mpro5 to ensure compliance across a broad range of customer and legislative requirements in the UK including brand standards, service quality, health and safety and food safety/allergen controls.
Data visualisation via custom built Microsoft Power BI dashboards, will provide invaluable real-time insights for Compass Group and empower the business to make more informed decisions in their operations.
The subscription contract is for a minimum 36-month period and the total contract value exceeds £1.2m. The contract represents a significant increase in the scale of mpro5 usage by this client (approximately £1.1m of the total value) as well as consolidating a number of smaller existing arrangements into its scope.
ITM Power 431.5p £2,373m (LON:ITM)
The energy storage and clean fuel company, announced the sale of a 1.4MW electrolyser to Sumitomo Corporation. The deployment will be used as an important reference plant for further sales in Japan through its partnership with Sumitomo.
This will be the first MW scale electrolyser system ITM Power has deployed in Japan. The HGas2SP product will undergo modification to ensure hydrogen supply pressure is below 10 bar in order to comply with Japan's High Pressure Gas Safety Act. ITM Power and Sumitomo are continuing their collaboration in the areas of business development, local compliance and after sale support to ensure a comprehensive green hydrogen offering in Japan.
Maintel Holdings 350p £50.3m (LON:MAI)
The provider of cloud and managed communication services, today announces that a conditional agreement has been entered into for the sale of its Managed Print Services Business Unit to Corona Corporate Group Limited for a cash consideration of £4.5m. The Disposal is in line with the Company's strategy of focusing on its transformation to a cloud-first managed services provider.
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