By Dominic Chopping
Automotive electrical diagnostic tool manufacturer Power Probe intends to list its shares on London's Alternative Investment Market and seeks to raise around $15 million through a placing of new shares.
The U.S.-headquartered company produces a range of electrical diagnostic tools and accessories across seven segments, including powered circuit probes, testing kits, measuring tools, soldering, and lighting.
The company said it believes that admission to AIM will accelerate its commercial progression by providing capital to execute growth plans.
Net proceeds of the placing will be used to open a new manufacturing facility in the U.S., which will strengthen its pipeline of products and add production capacity while supporting expansion into new regions, including the build-out at the group's distribution facility in Nuneaton, U.K.
It said it has identified opportunities to market the group's products in new jurisdictions with well-established automotive repair and diagnostics markets including Canada and Mexico, with possible longer-term opportunities for expansion in the European Union and Latin America.
At the same time it is exploring the application of its products to new potential markets such as military automotive fleets, boating maintenance and repair, the global car rental fleet, and education.
The listing will also boost the company's profile and provide an improved ability to incentivise key employees, it said.
Power Probe reported group revenue of around $31.3 million in the 12 months ended Dec. 31, 2024, with underlying earnings before interest, tax, depreciation and amortization of around $8.3 million.
In the first six months of 2025, revenue totaled $20.5 million with underlying earnings before interest, taxes, depreciation and amortization of $5.3 million.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
December 04, 2025 03:07 ET (08:07 GMT)
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