Oxford Nanopore Technologies Ltd has confirmed, in a stock market statement, that it is planning to float on the London Stock Exchange.
The University spin-out specialises in ‘real-time, high-performance, scalable analysis of DNA and RNA’ and the pending IPO has been described as one of the London’s most anticipated tech floats.
In May, a pre-IPO funding round valued the group at GBP2.4bn and a Reuters report last week suggested the IPO was going to be pitched at a US$3.4bn valuation.
Oxford Nanopore chief executive Dr Gordon Sanghera in a statement said the company is ideally suited to 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,” Sanghera said.
He added: “Understanding the biology of ourselves and the world around us – so that problems can be solved and positive changes made – has arguably never been more important. It has also never been more in reach.
“Ever since we founded Oxford Nanopore, we have been driven by making science more accessible, towards our goal of enabling the analysis of anything, by anyone, anywhere.”
Sanghera noted that the company has created a portfolio of patent-protected innovations since its launch back in 2005.
In May, the business raised GBP195mln from a group of investors, including IP Group PLC (LSE:IPO) (LON:IPO) committed, M&G Investments, US-based Wellington Management, Sinapore’s Temasek and Japanese camera giant Nikon.
M&G Investments said it invested GBP35mln, while existing investors contributed GBP70mln, including IP Group, which said it contributed GBP18.7mln and as a result had a 14.5% undiluted beneficial stake valued at GBP359mln.