RC Fornax Aims for London IPO in Early February

Dow Jones

Jan 21, 2025

By Maitane Sardon

RC Fornax said Tuesday that it plans an initial public offering on the London Stock exchange in early February, aiming to raise approximately 5 million pounds($6.2 million) through the placing of new ordinary shares.

The engineering consultancy, which specialises in work package solutions for the defense industry, said it generated a revenue of 6.5 million pounds and earnings before interest, taxes, depreciation and amortisation of 0.9 million pounds in 2024.

RC Fornax said it plans to use the net proceeds from the placement to accelerate its growth objectives, including the development of an artificial intelligence tool designed to streamline the creation of Statement of Works, documents that outline project requirements.

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

January 21, 2025 04:05 ET (09:05 GMT)

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