Fareham-based Velocity Composites, which manufactures advanced carbon-fibre and ancillary material kits for use in the production of aircraft, is forecast to have a market capitalisation of more than £30 million when it floats on the AIM Stock Exchange at the end of the month (www.velocity-composites.com).

Its placing comprises 12.3 million new and 4.7 million existing shares at 85p each. The company reported revenues of £14.6 million and pre-tax profits of £0.3 million in its 2016 financial year.

Chief executive Jon Bridges said: “Velocity was founded in 2007, based on the simple premise of deploying our industry knowledge and expertise to make the supply chain more efficient and less expensive for our customers in the aerospace composites industry.

“The company has grown significantly since our inception, and we are delighted to be pursuing a potential IPO to enable our UK-based business to become a manufacturing leader.

“We believe that Velocity’s IPO will give the company the platform to expand into new territories and invest in new-product development to ensure that we can take advantage of the strong market dynamics and our established position.

“We are confident that we have the right team, expertise and strategy to grow the company and deliver value to customers and shareholders.”