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Ilika plc (AIM: IKA), a UK-based solid-state battery technology firm, has launched a retail offer aiming to raise up to £0.5 million by issuing up to 1,785,714 new ordinary shares priced at 28 pence each. The offer commenced on 3 July 2026 and will close on 7 July 2026. This retail offer is part of a wider capital raise, which includes a separately announced placing and directors' subscription, collectively conditionally raising approximately £4.56 million gross. The net proceeds from the combined capital raising are intended to advance Ilika's Stereax small-format solid-state battery commercial rollout and further develop its large-format Goliath battery platform. Existing UK retail shareholders are invited to participate alongside institutional investors, with new shares expected to be admitted around 9 July 2026.
Key Points
- Company: Ilika plc, ticker IKA, listed on AIM (London Stock Exchange)
- Retail offer targets up to £0.5 million through issuance of up to 1,785,714 new ordinary shares at 28p each
- Issue price reflects approximately a 3.45% discount to the 29p closing price on 1 July 2026
- Combined capital raise (placing, directors' subscription, retail offer) could total about £5.06 million gross if fully subscribed
- Up to £2 million allocated for Stereax commercial rollout; up to £3 million for Goliath technology development
- Retail offer open from 8:00am on 3 July 2026 until 4:30pm on 7 July 2026; admission expected 9 July 2026
- Minimum subscription set at £100 per investor; no maximum application limit disclosed
- Investors should monitor retail offer results on 7 July 2026 and admission confirmation on 9 July 2026
Details of Ilika's Retail Offer and Pricing
On 3 July 2026, Ilika's board announced a retail offer via the BookBuild platform to raise up to £0.5 million by issuing up to 1,785,714 new ordinary shares at 28p each. This price represents a 3.45% discount to the closing share price of 29p on 1 July 2026, the last trading day before the wider capital raising announcement.
This retail offer complements a separately announced placing and directors' subscription, which have conditionally raised approximately £4.56 million gross. The retail offer depends on the successful completion of the placing and admission of new shares to AIM; if the placing does not complete, the retail offer will not proceed.
Participation Process for Existing Ilika Shareholders
The retail offer is exclusively available to existing UK-resident Ilika shareholders who are clients of participating financial intermediaries listed on the BookBuild platform’s dedicated deal page. The offer opened at 8:00am on 3 July 2026 and is expected to close at 4:30pm on 7 July 2026, although intermediaries may enforce earlier internal deadlines. Early closure is possible if oversubscription occurs.
Eligible investors must apply through their broker or wealth manager via the BookBuild system, with a minimum subscription of £100. No maximum application amount is specified. Applications, once accepted, cannot be withdrawn. Investors holding only derivative products such as contracts for difference or spread bets linked to Ilika shares are excluded from participation.
Allocation of Capital Raised
The net proceeds from the combined capital raising will be allocated primarily to two technology programs. Up to £2 million will support the commercial rollout and scaling of Ilika’s Stereax small-format solid-state battery technology. This includes product optimisation for Cirtec Medical LLC, testing and validation of the M300 battery to enable sales to end customers, and initiation of royalty payments.
Up to £3 million will be directed to the Goliath large-format battery program, funding prototype and production optimisation, acquisition of battery formation equipment, a test program, and delivery of a 10Ah minimum viable product. The goal is to position the Goliath platform to secure commercial licensing agreements.
Focus on Stereax Technology and Cirtec Medical Partnership
The Stereax platform is Ilika’s small-format solid-state battery product and a key commercial focus for the capital raise. The mention of Cirtec Medical LLC highlights an active collaboration in product optimisation. Validating the M300 battery is a near-term objective required to enable sales to customers.
Triggering initial royalty payments is a significant milestone indicating a shift toward revenue generation. However, the announcement does not specify expected timing or amounts of royalty income.
Progression of the Goliath Large-Format Battery Program
The Goliath program targets the large-format solid-state battery market with phased development funded by up to £3 million from the capital raise. Milestones include finalising technical specifications, prototype and production optimisation, purchasing battery formation equipment, conducting tests, and delivering a 10Ah minimum viable product.
The ultimate objective is to reach a stage where licensing agreements with commercial partners can be secured. The announcement does not provide a timeline for concluding such agreements.
Advisory Roles of Cavendish Capital Markets and Yellowstone Advisory
Cavendish Capital Markets Limited serves as nominated adviser, sole broker, and retail offer coordinator for Ilika’s capital raising. Yellowstone Advisory Limited acts as joint bookrunner alongside Cavendish. Both firms are authorised and regulated by the UK Financial Conduct Authority.
They act exclusively for Ilika and not for any other party. Their responsibilities under AIM Rules are owed solely to the London Stock Exchange, not to shareholders or other persons. Neither firm provides investment advice to retail applicants; investors are advised to seek independent financial advice if needed.
Retail Offer Timeline for Investors
The retail offer opened at 8:00am on 3 July 2026 and closes at 4:30pm on 7 July 2026. Results are expected to be announced on 7 July 2026, with admission and trading of new shares commencing at 8:00am on 9 July 2026.
Any changes to this timetable will be communicated via Regulatory Information Service. Investors should note that financial intermediaries may impose earlier deadlines, and the offer may close early if oversubscribed.
Share Details: Ranking, Dilution, and AIM Admission
New ordinary shares issued under the retail offer will be fully paid and rank pari passu with existing shares, including rights to dividends declared after issuance. Shares will be admitted to trading on AIM only.
The combined capital raising, including placing, directors' subscription, and retail offer shares, will dilute existing shareholders who do not participate. The retail offer alone involves up to 1,785,714 new shares. Existing shareholders may consider participating to maintain their proportional ownership. The ISIN is GB00B608Z994 and the SEDOL is B608Z99.
Ilika’s Commitment to Retail Shareholders in Fundraising
Ilika acknowledges the significance of its retail investor base, which has supported the company since its 2010 IPO alongside institutional investors. The company has deliberately extended the capital raising to include retail shareholders at the same issue price of 28p per share as institutional investors.
Ilika reserves the right to increase the retail offer beyond £0.5 million if demand exceeds expectations and to scale back or reject applications without explanation. Therefore, the final retail offer size may differ from the initial target.
Investment Risks and Regulatory Information
The announcement includes standard risk warnings under UK financial promotion rules, noting that investment values can fluctuate, capital is at risk, past performance does not guarantee future results, and dividends are infrequent. It also highlights potential dilution and advises that investment should be part of a diversified portfolio.
No prospectus or admission document has been or will be prepared for the retail offer. Investors commit based on this announcement and previously published information via Regulatory Information Service. The offer is made under an exemption restricting public offers, limited to existing UK shareholders. The immediate share price impact of the retail offer and capital raise was not clear at the time of publication.
