Green tech engineer Time to Act floated on the Aquis Stock Exchange this morning (Wednesday) in a tiny boost for London’s listed tech sphere.
The Teeside firm, which operates in what it calls the “energy transition supply chain,” will issue nearly 14m shares with a market capitalisation of roughly £6.9m.
Time to Act has two principal divisions: its Diffusion Alloys business, which specialises in ‘coating services’, and Greenspur, a form of generator technology.
The firm said it expected topline revenue growth of 50 per cent per annum and was profitable for the first time in 2023.
As of 31 March 2024, it had £1.9m in cash reserves and said it could raise £1m from the IPO.
Chris Heminway, Time to Act’s executive chairman, said: “Listing on the AQSE Growth Market marks a significant milestone for the Company, and I would like to thank everyone involved in making this day a reality. A special thank you also goes out to our existing and new shareholders who recognise the opportunities Time To ACT has in the energy transition supply chain.”
The firm has floated on the Aquis Stock Exchange, a primary market with a specialised regulatory environment to aid small and medium sized business growth. It admitted 16 new companies last year, the most of any growth exchange in the UK.
Although small, Time to Act’s IPO will be warmly welcomed by capital markets insiders as it’s a sign London’s equity markets aren’t completely dead just yet.
Heminway added: “Time To Act is committed to fostering innovation in this sector and developing engineering-led solutions for a cleaner, greener world. Being listed on the AQSE Growth Market will play an important role in helping us to deliver on this commitment.”