Cambridge-based cybersecurity firm Chaleit Holdings is preparing for a listing on London's junior market, Aim, next month. The company anticipates a market value of approximately £11.2m when it begins trading on 7 October, according to documents filed with the London Stock Exchange.
Chaleit aims to raise around £1.6m through the listing, though the final issue price and number of shares are yet to be confirmed. This announcement makes Chaleit the second company to unveil plans for a City listing today, following Airtel Money's confirmation of a larger London float.
The company, incorporated in England and Wales, focuses on penetration testing and "offensive security," which involves attempting to hack clients' systems to identify vulnerabilities. Chaleit also works in AI and large language model security, cloud security, and cyber governance, with operations in the UK, Australia, and the US, and plans for Singapore later this year.
Chaleit states it is profitable and cash generative, intending to use its existing business as a foundation for further organic growth and international expansion. The UK cyber security market generated £13.6bn in revenue in the 12 months to June, with a forecast annual growth rate of 5.2 per cent through to 2031, according to figures cited by the company.