(Alliance News) - IP Group PLC investee Oxford Nanopore Technologies Ltd is planning to launch an initial public offering in the coming weeks, Reuters reported on Wednesday.
The life sciences firm, which intellectual property-focused investor IP Group has a roughly 15% stake in, is working with banks for a London Main Market float.
Oxford Nanopore is eyeing to build on its GBP2.48 billion valuation it achieved during a funding round in May, Reuters reported, citing two sources familiar with the matter.
Reuters reported that Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co are global coordinators for the listing.
https://www.reuters.com/article/oxford-nanopore-ipo/oxford-nanopore-to-launch-3-4-billion-london-ipo-in-coming-weeks-sources-idUSKBN2FX3KG?feedType=RSS&feedName=healthNews
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.
IP Group shares surged 9.3% to 138.80 pence each in London on Wednesday afternoon, the best mid-cap performer.
By Eric Cunha; ericcunha@alliancenews.com
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