The junior market's critics have plenty of ammunition right now, with seven companies having swapped AIM for the Main Market so far this year, against four at the same point in 2025, according to a new report from PwC.
Volex made the move in July, with Serica Energy set to follow before the end of October.
Yet the obituaries may be premature. PwC's latest IPO Watch report noted fresh listings on AIM during the third quarter alongside a busy secondary market, and suggested the recent wave of regulatory reforms is beginning to do its job.
Turning to the wider market, the AIM All-Share went into risk-off mode this week, falling 0.8% as it underperformed the FTSE 100, which held its ground in the face of a deepening bond crisis.
Mercantile Ports nears the finish line
A rumbling, long-running legal battle in India gave shares in Mercantile Ports & Logistics a boost this week, with the stock more than doubling as proceedings before the country's National Company Law Tribunal enter their final stages.
The company is fighting to recover Karanja Port, a facility near Mumbai that MPL financed, developed and built.
At issue is whether lenders and a debt resolution firm called Prudent ARC unfairly blocked the company from settling its debts and keeping the port. MPL argues it was never given a genuine chance to repay what it owed through a one-time settlement. It further alleges that Prudent ARC colluded with lenders to steer the asset toward a predetermined third party.
All parties have now filed final written submissions, with a judgment expected imminently.
Power Probe, maker of automotive diagnostic tools, rose 34% after announcing a $1 million share buyback, a move that remains unusual among smaller listed companies. It uncovered excess cash following a review of its finances.
Likewise Group rose 24% after the floor coverings distributor struck a deal to buy assets from Headlam Group, the rival that fell into administration last month. The £14.9 million cash acquisition includes a freehold distribution centre in Thatcham, the Crucial Trading and Concept Floors businesses, and key intellectual property. Likewise says the deal makes it the largest floor coverings distributor in the UK.
A brutal week for the fallers
eEnergy Group, the net zero energy services provider, fell 77% after raising £8.3 million through a placing, subscription and retail offer at 0.3p per share.
Around £4 million of the proceeds will go straight to overdue trade creditors, with the remainder used to shore up working capital. The company's chairman described the raise as providing "a strong balance sheet from which to deliver shareholder value", though investors appeared unconvinced.
Ethernity Networks, the networking chip supplier, dropped a further 43% on a going concern warning in last week's interim results, which cited material uncertainty over its future and cash of just $32,399 at 30 June.
Celebrus Technologies, the data solutions company, also fell 43% after warning that full-year results would come in well below expectations. It cut its revenue forecast for the year to next March to between $20 million and $20.5 million, down from a prior consensus of $23.7 million, after losing a customer and closing new business more slowly than hoped.
Litigation Capital Management, the dispute financing specialist, saw its shares fall a further 33% after an Australian court ruled against it in an insolvency claim the company had backed with A$2.9 million of its own capital. The stock is now down 96% from its peak, reflecting a prolonged collapse in confidence in its business model, which involves funding legal cases in return for a share of any winnings.
Filtronic rides the Starlink wave
And finally, it would be wrong to end without a mention of Filtronic, one of AIM's larger companies with a market value north of £700 million.
The Leeds-based maker of radio frequency components announced last week that SpaceX had placed a $68.1 million follow-on order for its Cerus E-band gallium nitride amplifiers, the largest single order the two companies have transacted.
The news continued to reverberate through the week, with the shares advancing 19% and taking their year-to-date gain to almost 80%.
Over the past year the stock has more than doubled, up 153%, as Filtronic's proprietary gallium nitride technology finds growing commercial adoption in the satellite communications market that SpaceX's Starlink network is rapidly expanding.
The new order is expected to be fulfilled during the 2028 financial year.
