EnSilica plc (AIM:ENSI) (AIM: ENSI) said in an announcement that it will seek gross proceeds of up to £10 million through a placing of up to 20,632,297 new ordinary shares, a direct subscription of 6,000 shares and a retail offer for up to 638,297 shares, all at 47p per new ordinary share.
The fundraising is being run in two tranches because of limits on existing share authorities. A firm first tranche will issue up to 9,660,063 shares (c.£4.54m) under existing non-pre-emptive authorities. A conditional second tranche of up to 10,972,234 shares (c.£5.16m), together with the Subscription and Retail Offer, will proceed only if shareholders approve related resolutions at a general meeting.
The company said the net proceeds will be used to advance user‑terminal ASSP chips, accelerate ASIC contract conversion through co‑investment, increase supply volumes via additional working capital and support anticipated contract wins. The announcement added the fundraising will help to "unlock approximately £2.0 million in matched funding" from a previously announced UK Space Agency award. EnSilica reported record H1 FY26 revenue of £12.7 million, chip supply revenue of £3.9 million, EBITDA of £1.7 million and an operating profit of £0.4 million.
The placing and subscription are expected to raise up to £9.7 million before expenses and would represent up to 17.60% of the enlarged share capital assuming no retail shares are issued. The Issue Price is a c.5.05% discount to the closing middle market price of 49.50p on 11 March 2026. Allenby Capital is lead bookrunner and Panmure Liberum is joint bookrunner. CFO Kristoff Rademan has indicated he will subscribe for 6,000 shares.
The Bookbuild opens immediately following the announcement. The First Tranche Placing is not conditional on shareholder approval; the Second Tranche Placing, Subscription and Retail Offer are conditional on the passing of resolutions at a general meeting expected to be held on or around 7 April 2026, the company said in the announcement.
The recap
• Fundraising to raise up to £10m via issue of up to 21,276,594 new ordinary shares at 47p. • Net proceeds to progress ASSP chips, accelerate ASIC conversions, scale supply volumes and "unlock approximately £2.0 million in matched funding". • First tranche up to 9,660,063 shares (~£4.54m) under existing authorities; second tranche and retail offer conditional on shareholder approval at a general meeting expected on or around 7 April 2026.
