Stephenson Harwood advises on two AIM IPOs in a week, signalling renewed momentum for London listings

Law firm Stephenson Harwood LLP has advised on two successful AIM initial public offerings (IPOs) in the space of a week, marking a significant achievement in what remains a challenging market for new London listings. The firm acted for Power Probe plc on its £60 million AIM IPO and simultaneous placing, and for Strand Hanson and Cavendish in their respective roles as nominated adviser and broker to Pathos Communications plc on its £20 million AIM IPO.

Power Probe plc, a leading producer of automotive electrical diagnostic tools for professional service technicians, has admitted its entire issued ordinary share capital to trading on AIM. The IPO, which raised gross proceeds of approximately £11 million, will support the opening of a new US manufacturing facility, strengthen the company’s innovation pipeline, and enable expansion into new geographies, including the development of a UK distribution facility in Nuneaton. Headquartered in Charlotte, North Carolina, Power Probe has grown since 1992 to become an internationally recognised brand in the specialised automotive electrical diagnostics market. Upon admission, the company will have a market capitalisation of approximately £60 million.

In a further demonstration of the firm’s capital markets expertise, Stephenson Harwood also advised Strand Hanson and Cavendish in their respective roles as nominated adviser and broker to Pathos Communications plc on its AIM IPO. Pathos Communications is a technology-enabled, human-led PR company leveraging AI-driven technologies to deliver media solutions for SMEs. The IPO also included a placing of new and existing shares, the proceeds of will support Pathos’s continued growth, further development of its proprietary AI technologies, and expansion into new markets. Upon admission, the company will have a market capitalisation of approximately £20 million.

"Advising on two AIM IPOs in a single week is an impressive achievement for our team and encouraging for our clients, especially in the current market environment,” said Partner Tom Nicholls, Head of Stephenson Harwood’s Corporate practice. “These transactions highlight the depth of skill and capability within our capital markets practice, and demonstrate that London remains an attractive venue for ambitious companies seeking to list.”

Stephenson Harwood has acted on 5 London IPOs in 2025, including those for MHA plc, Vulcan Two Group Plc and KR1 Plc.

The Stephenson Harwood team advising Power Probe was led by Tom Nicholls, supported by Corporate Partner David Dowding and Associates Tom O'Connor, Seline Velioglu and Billy Gregory; Incentives Partner Nicholas Stretch and Associate Desiree De Lima, and Luc Foley; Employment Partner Richard Freedman and Associate Eirini Haidemenos; Commercial Litigation Associate Annabel Goulding; Real Estate Associate Joyce Kola; Tax Partner John Meehan and Associate Janice Houghton; and IP, Tech and Data Partner Alexandra Pygall, Managing Associate Nic McMaster, and Associate Brian Hartnett Cabeza.

The team advising Pathos Communications was led by Tom Nicholls, supported by Associates Tom O’Connor and Eleanor Wardley.

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