Time To Act PLC on Tuesday said it plans to take the plunge into public markets, floating on the Aquis Stock Exchange.

The Middlesbrough, England-based engineering firm operates in what it calls the energy transition supply chain. It has two main businesses, Diffusion Alloys, which provides metal coating technology and services, and GreenSpur, which provides electricity generator technology. The company was formed in 2011 as GreenSpur Renewable Ltd and was renamed after the acquisition of Diffusion Alloys Holdings Ltd in 2019.

Time To Act said it is revenue generating and was profitable in financial 2023. It had £1.9 million cash in the bank on March 31, but it hopes to raise up to £1 million in new money ‘to de-risk growth and in support of its strategy of coupling organic growth and acquisition’.

The initial public offering will be led by Novum Securities Ltd as corporate adviser and Oberon Capital as broker. The IPO will include a retail offering via the Winterflood Retail Access Platform.

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