Chaleit Holdings (AIM:CHA) began trading on AIM on Wednesday, raising gross proceeds of approximately £2.1 million at an issue price of 50p per share.
The Cambridge-based company is a penetration testing and offensive security consultancy that examines technology from the perspective of a malicious attacker, work it has broadened into AI and language model security, cloud security, development security operations engineering, and cyber advisory and compliance.
Of the total raised, approximately £1.1 million came through a placing of 2 million new shares and a direct subscription for 190,000 new shares.
A further 2 million existing shares held by founder and chief executive Dan Haagman were sold to new investors at the issue price, a sell-down that forms part of the fundraising alongside the placing and subscription.
On admission, Chaleit has 22.47 million shares in issue, implying a market capitalisation of approximately £11.2 million, with roughly 18.04% of the shares in public hands.
The net proceeds from the placing and subscription are earmarked for the Group's organic growth strategy, including expansion of its sales and delivery capability.
"We admit to AIM as a profitable, cash-generative business, with a growing international client base, and more than half of our revenue recurring," said Dan Haagman, chief executive.
Since incorporation in 2021, Chaleit has built a profitable, cash-generative business, with revenue rising from £1.74 million in the 2025 financial year to £2.11 million in the 2026 financial year, while profit increased from £116,000 to £510,000.
Gross profit margin rose from 62.3% to 73.7% and operating profit margin from 8.3% to 32.2% over the same period.
The company counted 47 clients in the 2026 financial year, up from 41 a year earlier, with client renewal rates exceeding 85%.
Trading has continued to accelerate since the financial year-end: unaudited management accounts for the five months to 31 August showed revenue of approximately £1.23 million, growth of approximately 49% over the equivalent period a year earlier, a rate the board attributes principally to new client relationships secured in the 2026 financial year converting into continuing engagements.
That compares with a compound annual growth rate of 11.2% over the three years to 31 March.
The Group has also strengthened its senior team, with a chief revenue officer joining part-time in August ahead of moving to full-time from January 2027, and two senior technical leads promoted to vice president and associate vice president roles from 1 October.
Chaleit intends to deepen its presence in selected international markets, with a particular focus on the UK, the United States, Australia and Singapore.
Non-executive chairman Ken Ford said the company has been "working towards this flotation for the last five years" and is "well set for continuing growth" in the current financial year.
