Cavendish congratulates the management team and shareholders of MHA plc on the company’s successful admission to AIM today.

      Cavendish congratulates the management team and shareholders of MHA plc on the company’s successful admission to AIM today.

      Cavendish acted as Nominated Adviser and Sole Broker to MHA plc. The company is capitalised at £271 million and raised £98 million from incoming investors to fund selling shareholders and provide MHA with growth capital. This is the largest London IPO of 2025, executed successfully despite prevailing global headwinds and recent market volatility.

      This achievement underscores the resilience of the UK capital markets in providing consistent access to capital across economic cycles. It also reflects the long-term commitment of UK investors in supporting domestic businesses and backing the future constituents of the UK 100/250 index.

      This marks Cavendish’s fourth successful IPO in recent months, reinforcing our position as the UK’s most active IPO adviser in 2025. In each case, we’ve helped raise significant primary and/or secondary capital to support growth strategies and unlock value, with each transaction representing more than 30% of the company’s market capitalisation at admission.

      These IPOs, ranging from £15 million to £300 million(1), demonstrate the strength and depth of UK capital markets in supporting companies across all stages of growth and reinforces London’s position as a leading global hub for public capita.

      These companies sit in sectors at the core of the UK’s Industrial Strategy, spanning Business Services, Industrials, Industrial Technology and Defence, each shaped by a clear strategy and long term vision.

      • MHA plc –April 2025, MHA is one of the UK’s largest and fastest-growing professional services firms. A member of the Baker Tilly International network, MHA provides audit, tax, advisory, and outsourcing services to corporates, SMEs and individuals across a wide range of sectors. The business raised over £100 million on admission, making it 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 — while offering future partners the opportunity to share directly in the firm’s success.
      • Quantum Base plc –April 2025, Quantum Base is a quantum science company commercialising its patented Q-ID authentication technology — a unique anti-counterfeiting solution based on atomic-level randomness. Its authenticity tags are virtually impossible to replicate and can be applied to a wide range of products, with initial applications focused on tax stamps and brand protection.
      • RC Fornax – January 2025- The first AIM IPO of 2025, RC Fornax is a veteran-led defence consultancy delivering specialist, outcome-driven support across mission-critical military platforms — from fast jets and naval ships to drones and advanced land systems. The listing provides a platform for growth as the company continues to support innovation and capability across the UK defence sector.
      • Amcomri Group plc –December 2024, Amcomri is an industrial holding company that acquires and develops specialist engineering services and B2B manufacturing businesses. Focused on established UK SMEs, Amcomri operates a “Buy – Improve – Build” model, helping businesses grow sustainably through operational and strategic support.

      These transactions reflect more than just technical execution. They demonstrate that — even in a selective and often cautious market — companies with a clear equity story, sound fundamentals, and trusted advisers can achieve successful outcomes.

      A Broader Commitment to Market Vitality

      These recent IPOs align with Cavendish’s broader commitment to enhancing the competitiveness of UK’s capital markets. As Chair of Cavendish and a member of the Capital Markets Industry Taskforce (CMIT), Lisa Gordon is committed to working with Industry and Government to ensure that the UK’s capital markets markets remain a viable route for ambitious growth companies.

      She has spoken about the importance of directing capital towards businesses that create jobs, drive innovation, and contribute to long-term economic growth.

      Importantly, UK fund managers are seeing momentum in UK capital markets as a result of the reform agenda, as conveyed by James Taylor, Fund Manager at M&G:

      “It is far more competitive being a listed business than ever before… It feels to me that fund managers, asset managers, companies and regulators, for the first time in so long are all pointed in the same direction and making real change.”

      Sector-Specific. Service-Agnostic.

      The convergence between public and private capital markets is accelerating, with private market operators increasingly active across the entire growth escalator. 

      Public and private markets, respectively, do not support all companies equally. Cavendish’s advisory services are grounded in helping clients identify and pursue the right option for their business — whether that’s public markets, private capital, debt or M&A.

      Cavendish’s client solutions are outcome-driven and can be tailored to specific objectives, offering market flexibility through running co-terminous private and public market transactions.

      Shape What’s Next

      Public equity accounts for 84% of the UK’s total equity capital[2] and public capital contributed 48% towards the UK’s newly issued equity capital in 2024.

      Market volatility will remain a feature of 2025, but opportunity hasn’t disappeared — it’s simply more selective. We expect further IPO activity in sectors where structural growth and long-term value are evident.

      Public and private capital markets both provide long-term capital, diverse financing options and we anticipate that companies and boards will continue to weigh public versus private routes more carefully. That’s where advisory depth, sector insight, and the ability to adapt to changing conditions matter most.

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

      For any enquiries or discussions, feel free to reach out to any member of the Cavendish team.


      [1] Market capitalisation on admission
      [2] Total UK equity capital £4.2tn, of which £3.5tn is held on public exchanges and £654.5bn held privately. Source: UK Finance, March 2025