(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.
https://www.bloomberg.com/news/articles/2021-09-23/covid-test-maker-oxford-nanopore-plans-649-million-london-ipo
By Ivan Edwards; ivanedwards@alliancenews.com
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