Investor information

Pre-IPO. Pre-revenue.
Pre-everyone else.

Agri-Biofuels Global is preparing its admission to the London Stock Exchange Main Market under the new Equity Shares (Commercial Companies) — ESCC — category. The information below is intended for qualified investors only.

Listing track
LSE Main Market · ESCC
Use of proceeds
First-of-kind plant deployment
Round type
Pre-IPO · EIS-eligible¹
Eligibility
Qualified investors only

¹ Subject to receipt of HMRC Advance Assurance. The availability of any EIS tax relief is dependent on the personal circumstances of the investor and may be subject to change.

Important notice

This material is restricted to qualified investors.

The investment information that follows is directed only at persons in the United Kingdom who are (i) investment professionals falling within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (ii) high net worth individuals falling within Article 48 of the Order, (iii) self-certified sophisticated investors falling within Article 50A of the Order, or (iv) certified sophisticated investors falling within Article 50 of the Order. Any other persons should not act on this material.

Investing in early-stage companies is high risk. Investors may lose all their invested capital. Past performance is not a reliable indicator of future results.

The investment case

A pre-IPO position in a sector that cannot be built fast enough.

ABGL combines elements rarely found together at this stage: a licence to operate commercially proven hydrothermal liquefaction technology, signed Public-Private Partnership frameworks underpinning an active project pipeline, and a near-term route to a public listing on the London Stock Exchange Main Market.

The pre-IPO round is offered to qualified investors ahead of admission, with a target listing under the new ESCC category — a regime introduced in 2024 specifically to support the listing of growth companies on the Main Market.

Plant-level economics

Headline figures from the canonical financial model.

The metrics below are project-level returns from the 300,000 tpa multi-product reference plant. They are not company-level returns and are not forecasts of investor returns. Full assumptions are available in the data room under non-disclosure.

Project IRR
38.9%
DSCR (min)
5.9x
MOIC
29.1x
Payback period
5.3yr
EBITDA margin
80.8%
Biocrude reference price
$105/bbl ($767/t) — approximately a 39% premium to Brent on a per-barrel basis.
Blended feedstock cost
₹500/t (~$6/t) blended across primary feedstocks.
20-year output
~37.9 million barrels of biocrude per reference plant over the 20-year financial model horizon.
ESCC listing pathway

A new framework, designed for our profile.

The Equity Shares (Commercial Companies) category — introduced by the FCA in July 2024 — is the replacement for the former Premium and Standard listing segments. The single ESCC category removes the three-year track record requirement, eliminates the mandatory unqualified working-capital statement, and reduces the minimum free float to 10%.

For ABGL, this listing track is materially better suited to the company's profile than the previous Premium regime — and offers Main Market liquidity and credibility to a far wider universe of institutional investors than would be available on AIM.

Principal risks

Investors should consider, among others, the following risks.

This is a non-exhaustive summary. The full set of risk factors is set out in the Information Memorandum, available to qualified investors under non-disclosure.

Pre-revenue stage

ABGL is currently pre-revenue. Project SPVs have not yet been incorporated and no commercial plant operations have commenced.

Listing execution risk

The planned LSE Main Market admission is subject to regulatory approval, sponsor selection, and market conditions. Listing is not guaranteed.

Project finance risk

SPV-level project finance must be secured for each plant; availability and cost of debt and equity at the SPV level cannot be guaranteed.

Feedstock supply risk

Plant operations are dependent on long-term feedstock supply contracts. The conversion of MoU-stage commitments to binding supply remains a key milestone.

Regulatory and political risk

Operations in India are subject to political, regulatory, and currency risks that could affect project economics and timelines.

Technology counterparty risk

ABGL relies on its joint venture and licence with Licella Holdings for the underlying technology. Any disruption to that relationship would adversely affect the business. The licence is performance-conditional.

Liquidity

Pre-IPO shares are unlisted and illiquid. There is no secondary market until and unless ABGL is admitted to trading.

EIS qualifying status

Eligibility for EIS reliefs depends on HMRC Advance Assurance and individual investor circumstances. EIS status, once granted, can be lost if the company ceases to qualify.

Investor enquiry

Request data room access or a management call.

Qualified investors can request access to the ABGL data room — including the Information Memorandum, Business Plan, executed agreements, financial model, technology dossier, and corporate documentation — under non-disclosure.

Or email corpfin@agri-biofuels.global directly.