21st Jan 2025 11:25
(Alliance News) - RC Fornax PLC on Tuesday said it plans to list on London's junior market early next month, aiming to raise GBP5 million to develop artificial intelligence products.
The consultancy firm is focused on the defence sector. It is registered in London and trades from Bedford, England.
RC Fornax expects to debut on AIM in early February. It said it targeting around GBP5 million in fresh equity but didn't on Tuesday set out a share price for the initial public offering, nor its anticipated market capitalisation.
The IPO will be led by Strand Hanson Ltd as nominated adviser and Cavendish Capital Markets Ltd as broker.
RC Fornax generated GBP6.5 million in revenue in 2024, it said, producing earnings before interest, tax, depreciation and amortisation of GBP900,000.
RC Fornax was founded in 2020 by Royal Air Force veterans Paul Reeves and Daniel Clark to challenge "larger, slow-moving companies" in defence consulting.
"As opposed to a simple outsourced recruitment-style model, the company is not an intermediary and does not simply supply labour," RC Fornax said.
Instead, the company stakes its name on forming "bespoke" project teams for each of its customers, which include ten blue-chip firms.
"RC Fornax was established to become a challenger to the industry, offering a wider range of expertise and capabilities, with an initial focus on systems, software and hardware engineering," the company added.
"By floating on AIM we will be able to gain the platform, resources, and visibility needed to strengthen our role in supporting the UK's defence and high-tech industries," said Chief Executive Officer Paul Reeves.
Prior to admission, Reeves and Clark's respective stakes are 60% and 40% of RC Fornax's share capital.
The company said proceeds from the IPO will fund an AI tool that will streamline statements of work for customers.
By Holly Munks, Alliance News reporter
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