‘We chose AIM over Nasdaq and Euronext’: Power Probe boss
The boss of US toolmaker Power Probe said he felt the AIM market was the best international venue for the company after completing a London stock market float.
In an interview with City PM, Power Probe chief executive Chema Garcia said: “With 90 per cent of our revenue in the US, the first option was the US stock market.
“The US stock market is a great market for big companies – but the market cap starts at a level where we are not there yet, so we explored different options.
“Private equity was not an option for us – we wanted to keep developing the business in the way that we are doing [by] prioritising innovation…so we explored the options in the European market.”
‘Starting in the UK to expand into Europe was a no-brainer’
Garcia said he first considered the London Stock Exchange after a meeting in New York with Chris Mayo, the London Stock Exchange’s head of primary markets for the Americas.
“It started to open my eyes about the opportunities and the advantages that we could have with the London Stock Exchange,” he said.
“Starting in the UK to expand into Europe was a no-brainer…we are really happy with the decision because we are completely sure it was the correct one.”
Through its AIM IPO, Power Probe raised £11.2m via a placing of new ordinary shares, resulting in a market capitalisation on admission of £60.4m.
Founded in 1992 in California and headquartered in Charlotte, North Carolina, Power Probe produces powered circuit probes, testing kits, measuring tools, soldering, lighting and accessories for a host of automotive customers worldwide.
The company has seen its revenue grow from $25m (£18.7m) in 2022 to $31.3m in 2024. The firm has seen continued growth in the first half of 2025, with revenue of $20.5m, gross profit of $8.6m, and pre-tax earnings of $5.3m.
The float is a rare boon for the AIM market that has seen lacklustre activity in 2025, as well as a raft of delists from acquisitions or companies turning to private markets.
Garcia said he was not too concerned with the relative lack of activity on London’s public markets because the AIM IPO was a “long-term project.”
“The IPO is not the end of the road, I think it is just one milestone to accomplish to move forward…even if [we didn’t have] the perfect conditions in the market or considering that in some other moment you could maximise the price.”