Power Probe PLC (LSE:PWR), a manufacturer of automotive electrical diagnostic equipment, began trading on London’s AIM on Thursday after securing roughly $15 million (£11.2 million) through the placement of 13.7 million new ordinary shares priced at 82 pence each.
The company, headquartered in North Carolina, listed under the ticker “PWR” with an initial market value of about £60 million. Shore Capital served as both nominated adviser and sole bookrunner for the offering.
Established in 1992, Power Probe develops and distributes more than 120 products spanning seven categories, including powered circuit probes, testing kits, and precision measurement tools. Its product lineup is designed to operate with all major vehicle engine types and manufacturers.
The IPO proceeds will be used to build a new U.S. production facility, expand its engineering workforce, grow its geographic footprint—including the enhancement of its UK distribution hub in Nuneaton—and support general working capital needs.
“Our IPO is a major milestone and exciting moment for Power Probe,” said Chief Executive Officer Chema Garcia in a press release. “Our admission to AIM marks a new chapter in that journey and will enable us to deliver on our ambitious growth plans.”
The company highlighted that revenue increased from approximately $25.0 million in 2022 to $31.3 million in 2024, a compound annual growth rate of 12%. For the first six months of 2025, Power Probe reported revenue of $20.5 million and underlying EBITDA of $5.3 million.
Looking ahead, management intends to introduce a progressive dividend strategy, aiming for a payout ratio of roughly 50% of profit after tax, with initial distributions planned for 2026.
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