(Alliance News) - Amcomri Group PLC on Thursday said it expects to be admitted to London's Alternative Investment Market on December 19.

Key details of the London-based engineering services firm's listing have not yet been disclosed, including its anticipated market capitalisation on admission, the issue price of its shares and the level of capital it is trying to raise.

Rumours of Amcomri's estimated GBP50 million flotation started circulating back in July, when the company was reported to be in talks with financial advisor and broker Cavendish Capital Markets Ltd.

Since its founding in 2016, Amcomri has acquired 12 operating businesses and four bolt-on assets. It targets small and medium-sized companies, specifically in the industrial and engineering sectors, and develops them through a "buy, improve, build" model.

It operates through two divisions catering to embedded engineering design and niche manufacturing respectively. Between financial 2021 and financial 2023, the group reported 49% compound annual revenue growth.

Amcomri's deputy chair is Paul McGowan, former owner of historic music retailer HMV. Chief Executive Officer Hugh Whitcomb worked as an engineer at Shell PLC and has been the lead industrial partner for Hilco Capital Ltd since 2012.

The pending IPO follows a failed reverse takeover of Amcomri by Rockpool Acquisitions PLC. The Belfast, Northern Ireland-based acquisition vehicle in 2023 entered into terms to purchase Amcomri, its holding company, for an estimated GBP22.3 million.

Rockpool incurred substantial losses due to acquisition delays and the temporary suspension of its shares. The reverse takeover was terminated back in April.

After a dispute over the amount Amcomri owed Rockpool in aborted acquistion costs, Rockpool said the holding company had agreed to pay Rockpool GBP452,500 by December 16.

Amcomri's annual account for the year to December 31 is due next June.

By Holly Munks, Alliance News reporter

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