9th Sep 2021 13:55
(Alliance News) - Life sciences business Oxford Nanopore Technologies Ltd on Thursday unveiled plans to launch an initial public offering on London's Main Market.
Details of a date or issue price for the float were not provided, although last week Reuters reported that the company is eyeing to build on the GBP2.48 billion valuation it achieved during a funding round in May, citing two sources familiar with the matter.
"We believe Oxford Nanopore is ideally suited to both disrupt existing markets and create entirely new ones. An IPO will be a step on the journey to make our vision a reality, supporting our ambitious growth plans and enhancing our ability to innovate and grow," commented Chief Executive Gordon Sanghera.
Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co are global coordinators for the listing while Barclays Bank PLC will act as one of a number of joint bookrunners for the float.
The IPO would represent a big win for London's Main Market. Biotechnology firms have previously listed on the junior AIM market or have looked to make a mark on the Nasdaq in the US. Vaccitech PLC, which like Oxford Nanopore is a University of Oxford spin-out, opted to overlook London markets entirely to list on the Nasdaq back in April. AIM-listed life science research tools firm Abcam is also Nasdaq-listed.
Intellectual property-focused investor IP Group has around a 15% stake in Oxford Nanopore. IP Group shares were up 2.5% at 150.60 pence in London on Thursday.
By Will Paige; [email protected]
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