Power Probe planning to list on London's AIM market

(Sharecast News) - Power Probe said on Thursday that it is planning to float on the AIM market of the London Stock Exchange. The US company - which produces automotive electrical diagnostic tools for professional service technicians - is looking to raise about $15m (£11m) through a placing of new ordinary shares of 0.1p each, giving the group an implied market capitalisation of approximately $80.2m (£60.5m).

In the year to the end of December 2024, the company reported group revenue of about $31.3m, up from $25m in 2022. Over the same period, underlying EBITDA increased from $4.8m to $8.3m.

Chief executive Chema Garcia said: "Our proposed IPO marks a pivotal and exciting moment in Power Probe's history.

"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.

"Our competitive advantage stems from our close contact with the professional technician community, allowing us to identify and address unmet needs quickly, and this intimate market knowledge has been critical in developing innovative products that meet the challenges posed by the evolving marketplace.

"Admission would allow us to build on this culture of innovation, and we are particularly excited at the opportunity to open a state-of-the-art new US manufacturing facility, a strategic move designed to both strengthen our innovation pipeline and bring production capability physically closer to our critically important core market, increasing our overall production capacity."