AIM Market Updates

Monthly reports detailing activity on AIM during the past month, as compiled by Allenby Capital

AIM Market Updates

These monthly AIM Market Updates are produced by Allenby Capital and may be of interest to private investors researching trends in the UK small cap market. Each report summarises activity on AIM in the previous month including new admissions, secondary fund-raisings and trading volumes.

Date

Update

   

12/09/14

AIM Market Update – September 2014

A total of £282m was raised on AIM during August. This was significantly below the average total monthly raise for the first seven months of the year (£594m). We attribute this late summer, temporary decline in fundraising activity to the obvious: summer holidays. There were eight new joiners to AIM in the month, bringing the total number of new joiners in 2014 to 86. As at end August, there were 1,103 companies listed on the market, with mean and median market capitalisations of £69.6m and £22.0m respectively.

£282m raised in total on AIM in August
  • £43m raised through 8 primary issues. 5 of the 8 joiners have central operations based in the UK.
  • £239m raised through 38 secondary issues, with a mean raise of £6.3m.
  • Financials sector accounted for 65% of funds raised via secondary placings.
  • 8 cancellations in the month: 6 of these were as a result of acquisitions or reverse takeovers.
£4,438m raised in total on AIM in 2014, +112% on corresponding period in 2013
  • Total primary raises in first 8 months of 2014 amount to £2,160m, an increase of 275% on the comparative period in 2013, and an increase of 699% on the 2012 period.
  • Average primary fundraise for 2014 ytd is £30.4m (2013: £16.9m; 2012: £13.8m).
  • Average secondary fundraise for 2014 ytd is £6.4m (2013: £5.1m; 2012: £3.9m).
  • 75 cancellations so far: only 6 of these have been as a result of the company falling into administration.
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25/07/14

AIM Market Update – June 2014

A total of £654m was raised on AIM during June, an increase of 191% on June 2013's total. In H1 2014, £3,733m was raised, almost as much as the £3,989m raised throughout the entirety of 2013. There were 13 new joiners to AIM in the month, bringing the total number of new joiners in 2014 to 64 (in H1 2013, there were only 33 new joiners). As at end June, there were 1,104 companies listed on the market, with mean and median market capitalisations of £71.0m and £23.0m respectively.

£654m raised in total on AIM in June
  • £244m raised through 13 primary issues. 8 of the 13 joiners have central operations based in the UK.
  • £410m raised through 51 secondary issues, with a mean raise of £8.0m.
  • Oil & Gas sector accounted for 45% of funds raised via secondary placings.
  • 7 cancellations in the month: 3 of these were as a result of acquisitions or reverse takeovers.
£3,733m raised in total on AIM in 2014, +151% on H1 2013
  • Total primary raises in first 6 months of 2014 already 53% ahead of total primary raises achieved in the whole of 2013.
  • Average primary fundraise for 2014 ytd is £38.3m (2013: £16.9m; 2012: £13.8m).
  • Average secondary fundraise for 2014 ytd is £6.8m (2013: £5.1m; 2012: £3.9m).
  • 52 cancellations so far: only 6 of these have been as a result of the company falling into administration.
Vendor placings on the increase: £364m raised for selling shareholders in primary issues in 2014
  • 14 of 50 companies that have raised funds upon admission to AIM have included selling shareholders - 5 comprised of Private Equity houses.
  • Total vendor placings in the first 6 months of 2014 already surpass 2013's total (£235m) by 55%.
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20/06/14

AIM Market Update – May 2014

The AIM market maintained a healthy level of growth in May: £544.3m was raised in total during the month, an increase of 94% on May 2013's total. Thirteen new joiners came to the market in the month, and nine existing constituents departed. As at end May, there were 1,099 companies listed on the market, with mean and median market capitalisations of £69.5m and £22.6m respectively.

£544.3m raised in total on AIM in May
  • £241.3m raised through thirteen primary issues. Ten of the thirteen joiners have central operations based in the UK.
  • £303.0m raised through forty secondary issues, with a mean raise of £7.6m.
  • Mining sector accounted for 59% of funds raised via secondary placings.
  • 9 cancellations in the month: 4 of these were as a result of acquisitions or reverse takeovers.
£3,080.0m raised in total on AIM in 2014, +144% on comparative period in 2013
  • Total primary raises in first five months of 2014 already 33.7% ahead of total primary raises achieved in the whole of 2013.
  • Average primary fundraise for 2014 ytd is £41.8m (2013: £16.9m; 2012: £13.8m).
  • Average secondary fundraise for 2014 ytd is £6.5m (2013: £5.1m; 2012: £3.9m).
  • 44 cancellations so far: only six of these have been as a result of the company falling into administration.
Vendor placings on the increase: £267.6m raised for selling shareholders in primary issues in 2014
  • Eleven of forty companies that have raised funds upon admission to AIM have included selling shareholders - five comprised of Private Equity houses.
  • Total vendor placings in the first five months of 2014 already surpass 2013's total (£234.6m).
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30/05/14

AIM Market Update – April 2014

On the back of an impressive six month run, AIM continued its resurgence in April although at a decelerated pace. £485.5m was raised in total during the month, an increase of 94% on April 2013's total. Twelve new joiners came to the market in the month: there has now been a net gain of four in the total number of AIM constituents throughout 2014, to 1,096.

Trading volumes at an all time high
  • Average number of bargains struck per day amounted to 31,891 – over the course of the previous twelve months, the average was 20,782 bargains per day.
  • £18.29bn of shares have been traded on AIM in first four months of 2014, up 87% on the comparative period in 2013.
£485.5m raised in total on AIM in April (£136.1m new issues, £349.4m secondary issues)
  • £136.1m raised through ten primary issues.
  • 84.3% (or £114.8m) of the new monies was raised by companies with UK based operations.
  • Average secondary fundraise size equated to £8.3m in April.
£2,531.7m raised so far in total on AIM in 2014, +178% on comparative period in 2013
  • Total primary raises in first four months of 2014 already 14.5% ahead of total primary raises achieved in CY 2013.
  • Average primary fundraise for 2014 ytd is £40.0m (2013: £16.9m; 2012: £13.8m).
  • Average secondary fundraise for 2014 ytd is £6.3m (2013: £5.1m; 2012: £3.9m).
  • 34 cancellations so far: 17 of these have been as a result of acquisitions or reverse takeovers.
Read
   

24/04/14

AIM Market Update – March 2014

£1,146m was raised on AIM in March, the largest monthly raise since December 2010. £696.7m of this came through primary issues – more funds have now been raised in 2014 (£1,296.1m) by the 26 new joiners than the 100 new joiners raised in total throughout 2013 (£1,251.3m).

£1,146m raised in total on AIM in March (£696.7m new issues, £449.5m secondary issues)
  • Largest total fundraise in over three years, since December 2010.
  • Primary fundraising the largest monthly total since November 2007.
  • Notable primary issues included boohoo.com Plc (£300m raise) and Dalata Hotel Group Plc (£222m raise).
  • Substantial secondary fundraising occurred during the month: the £449.5m raised via 60 issues is significantly higher than the average monthly total over the past 24 months (£199.8m).
  • 12 new joiners in March offset by 5 departures - total number of companies on AIM now 1,094.
£1,296.1m raised by primary issues in Q1 2014, +925.4% on comparative period in 2013
  • Primary fundraises in the first 3 months of 2014 exceeded the total amount raised in the entirety of 2014.
  • Average primary fundraise for 2014 ytd is £64.8m (2013: £19.9m; 2012: £13.8m).
  • 26 companies have joined AIM in 2014: mean return of +9.8%.
  • 24 cancellations so far: 14 of these have been as a result of acquisitions or reverse takeovers.
Trading volumes continue to increase
  • Average liquidity (trading value as a percentage of market cap) of 3.86% in March.
  • Trading volumes ytd amount to £13.52bn, +79.6% on the comparative period in 2013.
  • Average daily value of trading on AIM amounted to £220.4m in March, the highest amount since February 2012
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26/03/14

AIM Market Update – February 2014

Eight new joiners to AIM raised £435.1m in February – the largest monthly raise by new joiners since December 2007. Daily trading volumes amounted to £213m, the highest since February 2012.

£650m raised in total on AIM in February (£435m new issues, £215m secondary issues)
  • Two Private Equity house exits via AIM floats raised £356.9m
  • March has also witnessed substantial fundraising activity, notably the £300m raise by boohoo.com Plc
  • Average primary fundraise for 2014 ytd is £59.9m (2013: £19.9m; 2012: £13.8m)
  • 8 new joiners in February offset by 9 departures - total number of companies on AIM now 1,087
£900m raised on AIM so far in 2014, +101% on comparative period in 2013
  • New issues have raised £599m, +712% on 2013
  • 14 companies have joined AIM in 2014:
    • All but three are trading above issue price with a mean return of +19.8%
  • 19 cancellations so far:
    • 11 of these have been as a result of acquisitions or reverse takeovers
Trading volumes continue to increase
  • Average liquidity (trading value as a percentage of market cap) of 3.1% in February
  • Trading volumes ytd amount to £8.89bn
  • Average bargains struck of £8,161 in February – highest amount since July 2012
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21/02/14

AIM Market Update – January 2014

A pull back in fundraising activity on AIM in January after a frenetic Q4 2013. Consolidation continues apace with five AIM constituents acquired during the month. Average market cap of 1,088 members now at an all time high of £71.6m. Monthly trading volumes highest in three years.

£250.5m raised on AIM in January (£164.3m new issues, £86.2m secondary issues)
  • An increase of 55% on January 2013’s total raise
  • Increased number of substantial primary raises - £137.2m raised by RM2 International in January, with a further two £100m+ raises occurring in February.
6 new joiners in January offset by 10 departures - taking the total to 1,088
      • 2 IPOs, 2 Reverse Takeovers, 1 Introduction, 1 transfer from Main Market
      • 4 of the joiners have central operations based in the UK, with other two based in Luxembourg and China.
      • 5 of 10 exits were a result of acquisitions, with a further 2 being subjects of reverse takeovers. All seven of the targets had central operations based in the UK. Of the remaining 3 departures, 2 fell into administration and 1 chose to delist.
      • Average market capitalisation of 1,088 constituents now at an all time high of £71.6m. AIM’s total capitalisation at month end stood at £77.9bn, an increase of 20.3% yoy.
Total trading on AIM amounted to £4,391m in January 2014
      • Largest trading volume since March 2012
      • Highest average liquidity (in terms of value of stock traded as a percentage of market cap) amongst AIM’s constituents since February 2011 – at 4.47%.
      • Volumes most notable in Tech and Telecoms stocks, at an average of 12.4% and 13.0% respectively
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22/01/14

AIM Market Update – December 2013

Strong end to the year. Biggest year for IPOs on AIM since 2007. Swing in activity from Natural Resources – mainly to Tech.

£680m raised in December (£251m new issues, £429m secondary issues)
  • Highest overall monthly raise since March 2011
  • Highest new issues amount since June 200814 new joiners in December offset by 16 departures - total number of companies on AIM now 1,092
£4.0bn raised on AIM during 2013, +37% on 2012
    • New issues - £1.25bn, +78% on 2012,
      • 100 companies joined AIM in 2013
      • 74 raised money with average raise of £16.9m vs. £13.8m in 2012
      • 82% trading above issue price and median return of +18% / mean return of +47%
    • Secondary issues - £2.75bn
      • +25% on 2012
Swing in activity from Natural Resources – mainly to Tech
  • New issues
    • Natural Resource stocks accounted for 32% of new money raised in 2012, 10% in 2013
    • Technology new issues accounted for 10% of money raised in 2012, 20% in 2013
  • Secondary issues
    • In 2012, 49% of money raised was for Natural Resource stocks, 27% in 2013
    • Technology stocks share of funds raised increased to 21% in 2013 from 5% on 2012
Overall trading volumes down 13% year on year
  • BUT +22% year on year in the last 5 months of the year since the Aim stocks have been included in ISAs
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23/12/13

AIM Market Update – November 2013

Another good month for AIM, amounts raised continue to rise and Private Equity continues to use AIM as an exit.

£664m raised on AIM in November (£164m new issues, £500m secondary issues)
  • Highest monthly raise since March 2011
  • £3.3bn raised on AIM year to date, +26.2% on the same period in 2012
  • December numbers should also prove healthy given the six IPOs completed to date raising a total £153m, and a further four IPOs to come before year end
12 new joiners in November offset by 9 departures - taking the total to 1,094
  • 10 IPOs, 1 Reverse Takeover, 1 transfer from Main Market
  • 9 from the UK, 1 from Ireland, 1 from Sweden and 1 from China
  • 2 of the joiners were Private Equity exits
    • Avanti Capital Plc and Sun European Partners LLP sold down their stakes in Eclectic Bars and Bonmarche upon their admissions to AIM, respectively.
  • Average return from 2013 AIM IPOs = +47%
  • November's 12 new joiners offset by 9 departures (3 acquired, 2 chose to delist, 1 subject of a reverse takeover, 1 returned cash to shareholders, 1 transferred its listing to another market, 1 fell into administration)
Total trading on AIM amounted to £2,679m in November 2013
  • Highest average liquidity (in terms of value of stock traded as a percentage of market cap) amongst AIM's constituents since March 2012 – at 4.0%.
  • Average mkt cap of AIM stocks now £67m, highest since May 2011
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28/11/13

AIM Market Update – October 2013

Another busy month on AIM which included the biggest IPO of the year, trading volumes continue to increase and IPOs continue to rally on listing

£410m raised on AIM in October (£201m new issues, £209m secondary issues)
  • Second highest month of the year
  • Well above the 2013 monthly average of £264m
  • £2.65bn raised on AIM year to date, +16% on the same period in 2012
  • October included Tungsten Corporation's £160m IPO
  • November numbers should also be good given the 7 IPOs completed to date and Quindell's £200m secondary fundraise
7 new joiners in October offset by 9 departures - taking the total to 1,091
  • 3 IPOs and 4 Reverse Takeovers
  • 6 from the UK and 1 from China
  • Average return from 2013 AIM IPOs = +47%
  • October's 7 new joiners offset by 9 departures (3 acquired, 4 subject of reverse takeovers, 1 chose to delist and 1 returned cash to shareholders)
Total trading on AIM amounted to £3,414m in October 2013
  • Highest monthly value of trading on AIM in 2013 and highest since July 2012
  • Average mkt cap of AIM stocks now £66m, highest since May 2011
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30/10/13

AIM Market Update – September 2013

A quiet month on AIM with regards to funds raised but the number of companies on the market rose by 8, trading volumes continue to increase and IPOS continue to rally on listing

£146m raised on AIM in September (£59m new issues, £87m secondary issues)
  • Below the 2013 monthly average of £248m
  • £2.24bn raised on AIM year to date, +11% on the same period in 2012
  • October looks like it will be a stronger month for AIM due to deals already announced such as Tungsten Corporation’s £160m IPO announced on Oct 16th.
14 new joiners in September taking the total to 1,092
  • 5 did so by way of an IPO, 3 were companies joining from the Main market, 1 was a move from ISDX to AIM, 2 were by way of an introduction to AIM (IPO with no fundraise) and 3 did so by way of a Reverse Takeover.
  • Partly offset by 6 departures (2 acquired, 4 subject of reverse takeovers)
  • 8 of the 14 new joiners raised funds on listing
  • Average share price performance since IPO of the 8 = +61%
  • Average return across all new entrants to AIM in 2013 that raised money on listing = +46%
Total trading on AIM amounted to £2,826m in September 2013
  • +36% increase on August and +17% on September 2012
  • September saw the highest monthly value of trading on AIM in 2013
  • Potentially a sign that the change to ISA eligibility rules are having a positive impact
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27/09/13

AIM Market Update – August 2013

After the euphoria of July (most funds raised on AIM in a single month for two years), activity on AIM in August was rather muted

£132m raised on AIM in August (£22m new issues, £111m secondary issues)
  • Down from the £473m raised in July 2013 and lower than the £161m and £194m raised in August 2011 and August 2012 respectively
  • £2.1bn raised on AIM year to date, +17% on the same period in 2012
5 new joiners in August
  • 4 from the UK, 1 from Malaysia
  • 4 raised funds on joining (average raise £5.4m)
  • Average share price performance since IPO of the four = +51%
  • Average return across all new entrants to AIM in 2013 that raised money on listing = +36%
6 departures in August
  • 1 acquired, 1 chose to delist, 1 ceased trading and returned cash to shareholders, 1 entered administration, 2 did RTOs
  • Number of companies on AIM decreased by one to 1,085
Total trading on AIM amounted to £2,074m in August 2013
  • 8.7% increase on July
  • Potentially a sign that the change to ISA eligibility rules are having a positive impact
Read
   

23/08/13

AIM Market Update – July 2013

July was an extremely strong month for AIM – highest amount of funds raised since June 2011, average return of 2013's AIM IPOs +24% ytd

£473m raised on AIM in July (£214m new issues, £259m secondary issues)
  • Highest total since June 2011
  • £1.96bn raised on AIM year to date, +23% on the same period in 2012
15 new joiners in July
  • 7 from the UK, 8 international
  • 48 new joiners so far in 2013
  • 36 have raised funds on admission, average return for investors of +23.4%
  • 14 departures (2 acquired, 1 privatised, 4 chose to delist, 2 returned cash to shareholders, 2 did RTOs, 2 were suspended and 1 fell in to administration)
  • Number of companies on AIM increased by one to 1,086
Read
   

24/07/13

AIM Market Update – June 2013

Six new joiners offset by eight leavers in June, average market cap continues to rise as leavers replaced by higher quality companies

£225m raised on AIM in June (£36m new issues, £189m secondary issues)
  • Down from the £351m raised in May 2013 but +38% on June 2012
  • £1.48bn raised on AIM year to date, +1.8% on the same period in 2012
Six new joiners
  • Five IPOs and one move from the Main market
  • Three from the UK, three international (US, Myanmar, Sub-Saharan Africa)
  • Offset by eight departures (1 acquired, 1 privatised, 2 chose to delist, 2 returned cash to shareholders and 2 fell in to administration)
Pick up in trading volumes, average market cap increasing
  • Total trading on AIM amounted to £3.4bn in June 2013, +36% on May 2013 and +44% on June 2012
  • Changing rules to allow AIM stocks into tax free ISA wrappers by the Autumn should help continue this trend
  • As some of AIMs strugglers leave the market (and helped by rising share prices) the average market cap continues to rise
    • June average of £57m from the lows of £37m at end 2008
Read
   

24/06/13

AIM Market Update – May 2013

After a slow start to the year, May followed the strong performance of April

£351m raised on AIM in May (£160m new issues, £191m secondary issues)
  • Largest monthly amount so far in 2013, largest monthly amount since March 2012
  • £1.26bn raised on AIM year to date, essentially in line with the same period in 2012
Healthy level of activity in the IPO market in the month
  • Six new companies joined the market in May
  • Three from the UK, three international
  • Sectors – 2 Financials, 2 Technology, 1 Industrial and 1 Natural resources
Despite the six new joiners, the number of companies on AIM decreased from 1,088 to 1,087 in the month
  • Six new joiners were offset by seven companies that left the exchange
    • 2 were acquired
    • 2 chose to delist after no longer seeing the benefits of a listing
    • 1 transferred its listing to the Specialist Fund Market
    • 2 fell into administration
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24/05/13

AIM Market Update – April 2013

Finally some good news

£257m raised on AIM in April
  • Largest monthly amount so far in 2013
  • +22% on prior month and +21% on April 2012
Healthy level of activity in the IPO market in the month
  • Six new companies joined the market in April
  • Five of the companies were from the UK and just one was based internationally (US)
  • Three of the new joiners had a healthcare focus
Despite the six new joiners, the number of companies on AIM decreased from 1,092 to 1,088 in the month
  • Six new joiners were offset by ten companies that left the exchange
    • 2 were acquired
    • 6 chose to delist after no longer seeing the benefits of a listing
    • 1 was privatised by a majority shareholder
    • 1 fell into administration
Read
   

22/04/13

AIM Market Update – March 2013

After a strong finish to 2012, AIM is yet to get going in 2013

In terms of fundraising, March was another quiet month
  • £214m was raised in total during the month (IPOs and Secondary fundraises)
  • £214m is 7% below the February 2013 figure and a painful 42% below the March 2012 total
  • At £597m (£126m New, £470m Secondary), the total raised on AIM in Q1 2013 is 29% below the total raised in Q1 2012
  • To put this into perspective, 2012 was the worst year on AIM for total funds raised since 2004
Changing mix?
  • As with 2012 Natural Resources continues to dominate the funds being raised on AIM
  • However, 20% of funds raised in secondary issues in 2013 have gone into technology stocks against just 10% in 2013
After 3 months of gains, the AIM index slipped 1.4% in March

The number of companies on AIM fell by two during March
  • Six new joiners were offset by eight departures
  • Of the six new joiners, two have their main operations in the UK, with the others based in Kazakhstan, the Ivory Coast, Malaysia and Hungary
  • At the end of the month there were 1,092 companies on AIM, against c.1,700 in 2007
Read
   

22/03/13

AIM Market Update – February 2013

Stocks rallying but fund raising activity remains relatively calm

February was another positive month for most global indices including AIM
  • The AIM index ended February at 741, a monthly rise of 1.1% and follows a rise in January of 3.7%
In terms of fundraising, February was relatively quiet
  • £231m was raised in total during the month (IPOs and Secondary fundraises)
  • The £231m is 51% above the January 2013 figure but 22% below the February 2012 total
  • 2013 is currently running 20% below the total raised in the first two months of 2012
The number of companies on AIM fell by two during February
  • Four new joiners were offset by six departures
  • M&A activity was behind three of the departures in the month with one company being acquired and two companies being subject to reverse takeovers
  • All four of the new joiners have their main operating assets located outside of the UK
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08/03/13

Dividends on AIM – March 2013

The key findings of this report as as follows:

AIM is well known as a home for early stage growth companies but less known for home to a large number of dividend paying stocks
  • 250 of AIM's 1,100 constituents are forecast to pay a dividend in 2013
  • We analyse the 50 highest dividend yielding stocks on AIM, each of which have a forecast dividend yield of over 4.2%
The Top 50 high yielders on AIM outperformed both AIM and the FTSE100 in 2012
  • AIM and the FTSE100 returned 2.0% and 5.8% respectively in 2012 - the return on the Top 50 was 12.2%, increasing to 18.3% had the dividends been reinvested
  • An increased appetite for risk may reverse this trend in 2013
  • However, we expect markets to maintain a degree of risk aversion and hence expect further outperformance from this portfolio of high dividend payers
From the Top 50 we selected our 'Super 12'
  • These 12 companies not only pay a high dividend but we believe also offer upside share price potential
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25/02/13

AIM Market Update – January 2013

Pick up in M&A on AIM matching activity on larger markets
  • 2 companies left AIM in January through M&A activity
    • One was acquired and one merged with another AIM listed company
    • Approaches made to 3 other AIM listed companies in the last 2 weeks: London Capital Group (LCG.L), Ffastfill Plc (FFA.L) and I-Design Group Plc (IDG.L)
    • Mirrors pick up in activity on major indices – Virgin Media (VMED.L), DELL (DELL:NDQ) and HJ Heinz Co (HNZ:NYSE)
The AIM index rose +3.7% in January

The number of companies on AIM remained stable at 1,096 during January
  • 5 joiners being offset by 5 departures
In terms of fundraising, January was relatively quiet with just £152.4m raised on AIM
  • Figure is down 16% on January 2012
  • The biggest fundraisings in the month were in the Chemicals, Oil & Gas and Technology sectors
  • The biggest raise was the £30.6m raised by Oxford Catalysts Group (OCG.L) the developer and designer of technology for the production of synthetic oil from waste gas
A look back at the 2012 IPOs
  • Best performers since their IPOs are West Africa Minerals (Mining) +435% and Wandisco (Technology) + 346%
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25/01/13

AIM Market Update – December 2012

Strong finish to 2012
  • Overall weak year but healthy Q4 fundraising figures
    • At just under £3bn, the total amount (new money plus secondary issues) raised on AIM in 2012 was the lowest since 2003 and 32% below the 2011 result.
    • However, the year on year figure had been running at close to minus 50% for most of the year until a strong final quarter of 2012
    • Q4 produced the largest IPO of the year (£200m IPO of investment company Sherborne Investors (Guernsey) N Ltd) and also the largest secondary fundraise (£100m raise by Mobile Telecommunications firm Monitise Plc)
    • In total, £905m was raised in Q4, an increase of 18% on Q4 2011.
The AIM index rose 2.0% in 2012 (against the FTSE 100 +5.8%)

AIM contracted by a net 47 in the year to end 2012 with 1,096 participants
  • 73 new entrants to the market were offset by 120 departures
  • Of the 73 new joiners, 51 raised new funds at the point of joining with an average raise of £13.8m
  • The average 2012 AIM IPO was up +23% by year end
  • 45 companies departed AIM in 2012 by being acquired at an average bid premium of 49.8%
£2.2bn raised in secondary issues on AIM in 2012
  • Natural Resources dominated and accounted for 48% of the funds raised
  • However, the three largest raises were in the Mobile Telecommunications or Media sectors
Read
   

28/11/12

AIM Market Update – November 2012

Fundraising on AIM picked up strongly in October
  • £253m was raised in total, the highest monthly amount since March
    • The vast majority was through secondary issues where £248m was raised across 56 different transactions, £65m more than the monthly average so far this year
    • Despite the strong monthly performance, the YTD total of funds raised (new and secondary issues) of £2.27bn is down 37.4% on the same period through October 2011
AIM contracted further in October but the new joiners continue to perform well
  • 5 new entrants in the month offset by the 10 departures
  • The total number of companies on AIM decreased to 1,102 by the end of October
  • 62 companies have joined AIM so far in 2012 and 41 of those raised new funds at the point of joining. Of those 41, 24 are trading above their issue price and the average return, across all 41, is +28%
Trading activity picked up in October
  • AIM stocks on average traded 3.2% of their Mkt Cap in October
  • 32 stocks did not trade at all in the month
  • The most traded stocks on AIM continue to be those that are Natural Resource focused
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22/10/12

AIM Market Update – October 2012

Largest AIM IPO since December 2009…..but the number of companies continues to drift down
  • The highlight of September was the IPO of Eland Oil & Gas, the Nigerian oil and gas play, which by raising £118m was the largest AIM IPO in terms of funds raised since December 2009
    • The markets 7 new entrants in September raised a total of £168m on admission - a vast increase on the £18.7m of new money raised in August
    • Secondary placings of £59.2m in the month were however well behind the 2012 monthly average of £175m
    • The September total (new and secondaries) of £227m was up 2.9% on September 2011 but the YTD total of £2.01bn is down 42.3% on the same period through September 2011
In terms of total number of companies, AIM contracted further in September with the 7 new entrants being more than offset by the 10 departures
  • M&A activity was fairly low with only 1 of the 10 departures being due to an acquisition
  • The total number of companies on AIM decreased to 1,106 by the end of September
The highest traded stock in the month was Chariot Oil & Gas (CHAR.L)
  • Trading activity picked up on September 10th when the company announced the preliminary logging results from a well in Namibia
  • The report indicated that no commercial hydrocarbons were found and that the well will be plugged and abandoned
  • The stock fell over 60% in the following days amidst heavy trading
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27/09/12

AIM Market Update – September 2012

High acquisition activity reducing the number of companies on AIM
  • After a positive July when the number of companies increased (albeit by just one), the downtrend continued in August with a net decrease in AIM companies by 5
    • 5 companies joined the market in August/offset by 10 departures
    • The market's 5 new entrants raised a total of £18.7m on admission
    • The total number of companies on AIM fell to 1,110 by the end of August
£175m was raised in secondary placings bringing the August total funds raised to £194m
  • The August total was up 20% on August 2011 but the YTD total of £1.79bn is still down over 45% on the same period through August 2011
Of the 10 companies that left AIM in August, 7 did so by way of being acquired
  • 37 companies have now left AIM in 2012 through being acquired
  • The bid premium (offer price against closing price on day prior to the deal being announced) has so far, in 2012, averaged 48%
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28/08/12

AIM Market Update – August 2012

The number of companies on AIM increases and investing in all 2012 new issues has returned +29% YTD!!
  • For the first time since August 2011 the number of companies on AIM increased during the month (albeit by just one)
    • 11 companies joined the market in July/offset by 10 departures
    • The market’s 11 new entrants raised a total of £45.6m on admission
    • The total number of companies on AIM rose to 1,115 by the end of July
Unfortunately only an additional £92.6m was raised in secondary placings bringing the July total funds raised to £138m
  • The July total was down 54% on July 2011 and the YTD total of £1.6bn is down 49% on the same period through July 2011
On a more positive note, 45 new companies have joined AIM so far in 2012 and 31 of those raised new funds at the point of joining
  • Of those 31, 22 are trading above their issue price and the average return (across all 31) is +29% YTD
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20/07/12

AIM Market Update – July 2012

Quietest month on AIM since the dark days of October 2011

June was the quietest month on AIM for fundraisings so far this year
  • Just £163m was raised in the month - below the previous low of £182m in January and a far cry from the £529m raised in June 2011
    • £46m raised by the 6 new entrants
    • £117m raised in further issues
    • The total funds raised year to date on AIM at £1.46bn is down 48.2% on equivalent period in 2011 (and 2011 was a tough enough year!)
6 companies joined the market in June
  • 5 are currently trading above their issue price
  • The 6 additions were offset by 7 departures
  • Total number of companies on AIM fell from 1,114 to 1,113
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25/06/12

AIM Market Update – June 2012

AIM market update - Solid share price performance from AIM IPOs so far in 2012

Against the high profile Facebook IPO (down 16% from its issue price), we look at the 16 IPOs so far on AIM in 2012
  • AIM IPOs appear to be priced more realistically
  • In a weak market, 10 of the 16 are trading in line or above their issue price
  • The average return of all 16 is +21.1%
Another quiet month on AIM with a total (new and secondary issues) of just £242m being raised
  • 9 companies joined the market in May, offset by the 12 departures
  • The market's 9 new entrants raised a total of £89.7m on admission
  • An additional £152.4m was raised in secondary placings
Total funds raised year to date on AIM at £1.3bn is down 43% on equivalent period in 2011

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22/05/12

AIM Market Update – May 2012

5 companies joined the market in April
  • Again the additions were offset by the 6 departures
  • In summary, the total number of companies on AIM fell from 1,118 to 1,117 by the end of April
Total funds raised year to date on AIM are down 50% on equivalent 4 month period in 2011
  • The market's 5 new entrants raised a total of £19.64m on admission
  • An additional £193.1m was raised in secondary placings
Liquidity fell in the month
  • AIM stocks traded an average 2.9% of their market cap in the period
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17/04/12

AIM Market Update – April 2012

7 companies joined the market in March
  • An increase from the 4 in February but again the additions were more than offset by the 11 departures
  • In summary, the total number of companies on AIM fell from 1,122 to 1,118 by the end of March
Total funds raised in Q1 2012 down 51% on Q1 2011
  • The market’s 7 new entrants raised a total of £35.8m on admission. An additional £329.8m was raised in secondary placings
  • Total Q1 2012 funds raised (new issues and secondaries) totalled £791m, down from £1.7bn in Q1 2011
Acquisitions continue
  • 3 more of AIM’s companies were acquired in March
  • The average premium paid for the 20 AIM companies that have been acquired so far in 2012 is 53.5%
Liquidity remained stable in the month
  • The average AIM stock traded 4.2% of its market Cap in March, in line with February
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18/03/12

AIM Market Update – March 2012

Acquisitions continue - Private equity, management teams and trade buyers continue to see value on AIM
  • 11 companies left AIM in February - 7 were acquired
  • 17 AIM companies have been acquired in 2012 YTD
  • Average transaction length of 84 days and average acquisition premium of 52%
4 companies joined the market in February raising £11.8m in the process
  • Allenby Capital expect a pick up in IPOs in Q2 driven by the YTD pick up in markets, favourable changes to EIS/VCT rules, rush to get deals done ahead of the summer /Olympic period
There was a pick up in secondary placing activity in February with £282m raised after just £179m in January
  • The largest placing was the £75m raised by Avanti Communications Plc - for once Natural Resources didn't lead the charge
Liquidity improved again - The average AIM stock traded 4.2% of its market Cap in February up from 3.7% in January

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16/02/12

AIM Market Update – February 2012

  • 3 admissions to AIM in January raising just £3.5m in the process
  • 17 companies left the market – interestingly 10 of which were acquired - highlighting AIM's ability to act as a shop window for companies
  • £179m was raised in secondary placings – again Natural Resources stealing the show
  • Liquidity improved - AIM stocks traded an average 3.7% of their market caps in the month, the highest monthly average since March 2010
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