Fourth IPO of 2025 reinforces Cavendish’s position as the UK’s most active IPO adviser.

    Cavendish is pleased to congratulate the management team and shareholders of Pathos Communications plc on the company’s successful admission to AIM today. Cavendish acted as Broker to Pathos Communications on the transaction.

    Commenting on the listing, Lucy Rigby KC MP, Economic Secretary to the Treasury, said:

    “There’s real momentum behind companies listing in London – boosted by this government’s drive to make the UK the best place in the world to start, scale, list and stay. I’m delighted to see that momentum continue with Pathos listing on AIM, Europe’s leading growth market, today.”

    Momentum in UK Capital Markets

    Pathos’ admission marks Cavendish’s fourth successful IPO of 2025, reinforcing its position as the UK’s most active IPO adviser this year. Across each transaction, Cavendish has supported companies in raising significant primary and or secondary capital to fund growth strategies and unlock shareholder value, with each raise representing more than 25% of market capitalisation at admission.

    Julian Morse, Co-CEO of Cavendish, commented:

    “We have seen some of the most encouraging developments in UK capital markets in recent months, providing strong momentum as we look ahead. This momentum, combined with robust global equity performance underpinned by economic growth, easing inflation and the prospect of interest rate cuts, gives us real confidence as we look towards 2026.

    Too often, the breadth and depth of public markets are overlooked in favour of a simplistic negative media narrative. Equity capital represents around 60% of the UK’s total outstanding capital, and 84% of that equity is traded on public markets. UK capital markets rest on powerful foundations for future growth.”

    These IPOs, ranging in size from £15 million to £300 million, demonstrate the strength and depth of UK capital markets in supporting companies at every stage of growth and reinforce London’s position as a leading global hub for public capital.

    IPOs at the Core of the UK’s Industrial Strategy

    Cavendish’s 2025 IPOs span sectors central to the UK’s Industrial Strategy, including Business Services, Industrials, Industrial Technology and Defence, each underpinned by a clear strategy and long term vision.

    • Pathos Communications plc – December 2025,
      A technology enabled, human led PR company founded to democratise SMEs’ access to established news publications through a pay on results model.
    • MHA plc –April 2025
      One of the UK’s largest and fastest growing professional services firms and a member of the Baker Tilly International network. MHA raised over £100 million on admission, one of the largest AIM fundraises in recent years and the largest in business support services for five years. The listing supports continued investment in technology, AI and strategic acquisitions.
    • Quantum Base plc –April 2025
      A quantum science company commercialising its patented Q-ID authentication technology, an atomic level anti counterfeiting solution initially focused on tax stamps and brand protection.
    • RC Fornax – January 2025
      The first AIM IPO of 2025. A veteran led defence consultancy delivering specialist, outcome driven support across mission critical military platforms, providing a platform for growth in the UK defence sector.

    Together, these transactions demonstrate that, even in selective and cautious markets, companies with a compelling equity story, strong fundamentals and trusted advisers can achieve successful IPO outcomes.

    A Broader Commitment to Market Vitality

    These IPOs align with Cavendish’s broader commitment to strengthening the competitiveness of UK capital markets. Lisa Gordon, Chair of Cavendish and member of the Capital Markets Industry Taskforce, continues to work with industry and government to ensure public markets remain a viable route for ambitious growth companies.

    Sector-Specific. Service-Agnostic.

    As convergence between public and private capital markets accelerates, Cavendish’s advisory approach remains focused on identifying the right capital solution for each client, whether through public markets, private capital, debt or M&A. Its outcome driven model allows flexibility, including running co terminous public and private transactions where appropriate.

    As boards increasingly weigh public versus private routes, advisory depth, sector insight and adaptability are more important than ever.

    At Cavendish, we are focused on helping clients shape what’s next, navigating complexity, building momentum and delivering long term success..