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From Bloomberg "The [oxford nanopore] shares will be marketed at 375 pence to 450 pence each through Sept. 30, and start trading the next day". I would be very surprised if bookbuild does not mean listing is at 450 pence = £3.8bn valuation. For IP group £3.8bn nanopore valuation = £192m NAV gain to £1.63bn NAV/153pps. And that's BEFORE any trading of nanopore starts on 1st Oct. Prospects are very nice here!
PRESS: Oxford Nanopore plans GBP3.8 billion IPO valuation - Bloomberg
Fri, 24th Sep 2021 07:01Alliance News
(Alliance News) - Oxford Nanopore Technologies is targeting a valuation of GBP3.8 billion in its initial public offering in London next month, Bloomberg reported on Thursday.
The company plans to raise GBP350 million from new shares in the IPO, the report said, citing terms seen by Bloomberg. That's up from the GBP300 million the company said it would raise in its intention to float published on Thursday last week.
In addition, existing investors will sell up to GBP126 million of shares. The shares will be marketed at 375 pence to 450p each until Thursday next week, and start trading on the Friday, Bloomberg said.
The GBP3.8 billion valuation would be about 53% higher than the GBP2.48 billion Oxford Nanopore achieved in a funding round in May.
But the company will not be eligible for inclusion in the FTSE indices, as Chief Executive Gordon Sanghera will receive a class of "limited anti-takeover shares", Bloomberg added.
n/m
LONDON (Reuters) -The initial public offering for Oxford Nanopore, a provider of rapid COVID-19 tests to Britain's national health services, will have an indicative price of 375 to 450 pence per share, a bookrunner said on Thursday.
The offer will total 523 million pounds ($713.16 million) to 547 million pounds, giving the life sciences company an implied market capitalisation of 3 billion to 3.5 billion pounds , the bookrunner said.
Yep. "LONDON (Reuters) - The initial public offering for Oxford Nanopore, a provider of rapid COVID-19 tests to Britain's national health services, will have an indicative price of 375 to 450 pence per share, a bookrunner said on Thursday.
The offer will total 523 million pounds ($713.16 million) to 547 million pounds, giving the life sciences company an implied market capitalisation of 3 billion to 3.5 billion pounds , the bookrunner said."
Oxford Nanopore prices IPO to give valuation of up to $4.77 billion
moorhey: that's why I never use stop losses. Will be interesting to see what the algos do when nanopore floats for £4bn+ week after next!
danrh: it's at times like this that you come to realise that the majority of the market making transactions are undertaken by computers working on algorithms and the like (I'm no IT geek, but I realise that few humans are involved). This is were individual traders have the edge. Perhaps it isn't people selling, it's computer programmes. I was involved with Paysafe a few years back, and one ordinary lunchtime the SP dropped 60% and then recovered in under an hour - I managed to buy 1000 shares at 40% under that days closing price - and there was absolutely no reasonable explanation.
Incredible that people sold in the dip yesterday! So easy for the large buys at 134-5pps to be filled. None of the upside from oxford nanopore IPO is baked into the shareprice yet (we were back at half-yearly results NAV/shareprice). We are only two weeks away from the listing! I'll sound condescending here (apologies), but I can only assume that many retail investors can't do the right maths to calculate IP group NAV following oxford nanopore IPO. IP group NAV will take a big step up, and IP group will be in enviable position of a having a rich portfolio and cash rich balance sheet....and people sell, it's quite baffling for me.
Could not agree more. Nano is the hottest stock to hit London in years and this co owns 15%. It is probably obliged to sell a chunk in the public offering. I hope that they are not precluded from just buying them straight back because I see more mileage in them even if they do open with a hefty premium. IPO is also not a one-trick pony and, as you say, has possibility of increasing dividends over time. And I reiterate your conclusion. Do your own research. Its not rot rocket science.
I give very few of these, however on a medium term 2-3 year view
risk/Reward looks interesting.
Nice growing divi in the meantime.
All imv only as always and please DYOR.
and by the way Oracle is second-largest software company in the world! and strong Healthcare business to accelerate Oxford Nanopore's entry into clinical diagnostics/genomics market, which as you may know is 10s of billions future TAM.
For once I might have bought more correctly. This will be carefully re-examined after the IPO of Nano and whilst it will hit a top and then fall back a bit, I am not a seller at all. It pays divis, still not much , but it is just being appreciated. I hope they trickle some into the Nano aftermarket and hold on to a decent amount. Can see it doubling in next 15 months or so.
…BIG news and glad to see valuation will be based on book built- ie to make it a competitive process between different institutional investors!
....I would not be surprised if Nano finishes first day worth nearer £7 Billion. Other IPO investments also worth more than the £240m now in the SP. I reckon this is a MM treeshake so they can tuck them away in private funds until the float of Nano.
Good shout - I topped up this morning too. Current shareprice has negligible NAV gain for IP group vs half-yearly results (i.e. only values ONT at circa £2.5bn). I think we can all agree £2.5bn is a woefully low valuation for ONT IPO. NAV and shareprice only going one direction from here (UP!) once ONT valuation for IPO is confirmed/communicated.
Not looking this in the mouth! Just upped my holding.
Cheers Dan. I agree with your points at (i) and (ii),but according to the above, there aren't and recent shorter if this stock. If there's nothing nasty to come out of the woods, the stock IS completely undervalued. Maybe if we all stopped speculating over the value of the 15% we have in Nano, the IP share price might just settle. May put in an order on Interactive for a few more nearer 16:00 today.
@smartalec1, shareprice drop IMO is driven by i) profit taking late last week, particularly margin traders ii) shorting of the stock and iii) 'treeshake' to lose the opportunistic retail investors and to fill large buy orders around 140pps! ii) and iii) are being enabled by lack of clarity on the valuation of oxford nanopore for IPO. Those of us with patience and conviction (based on research) know what to do at this point - HOLD or BUY more since I think way oversold at this point and ONT contribution to future IP group NAV is now very much undervalued. I put a buy order in this morning but doesn't look like it will be filled (shareprice has started to bounce)
Anybody got any ideas as to WtF is going on here please? A near 10% loss in 2 sessions! One minute euphoria over an imminent float, the next, sheer dread!
@freshmatt during half-year results Alan Aubrey (CEO) responded to a similar question with something like - ‘our business model remains unchanged (to evolve great ideas to commercialisation) however for Oxford nanopore we aim to realise maximum value for investors’. I paraphrase, but I took this to indicate they will exit gradually to maximise their realisation. They exited too early with Ceres so hope they learned a hard lesson there. Aubrey and IP group team have been involved with ONT since 2005 and sit on the board. They know the potential upside here so I’d be quite surprised if they sold more than a few % of their stake in 2021….
Is IPO going to retain its shares in Oxford Nanopore or sell at time of listing? Thanks
Started shorting it at 152 and added further on the way up to 155, closed it at 150, not here for the bigger picture. Good luck
kewjosh, this is your first post on IP group! Expect you are a margin/swing trader - good luck to you. Remember though, that there are also 'clever' people who have followed the genomics sector for >10yrs, and they know that yesterday/today is still the beginning of this story and the value that will be created here. I have a sub 80p average and I will not be selling a single share at these prices. Different strategies. Good luck to all
Argadargada is flapping now after buying in at 155 yesterday after reading it will IPO at 17bn, oops, the clever people started selling yesterday at 155