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30 Sept 2021
Oxford’s Nanopore raises 350M pounds in London IPO
The Index Today
Oxford Nanopore Technologies Ltd has been valued at 3.4 billion pounds at a London Share sale which supports tech stocks in the U.K.
The IPO shares were priced at 425p each during the top half initial range. The firm has managed to raise 350 million pounds through sale of its new stock and 174 million pounds through existing shares. Since the IPO, Nanopore has increased its market value by $1 billion since May, making it one of the most valuable startups in the nation.
Gordon Sanghera, founder and CEO has given the company special shares which hold the power to block any takeover threat. The firm aims to allow various classes of shares on the London Stock Exchange’s premium market. However, the company is still ineligible for a few major benchmarks including the Russell Indexes Trading.
Nanopore managed to sell more shares in the initial IPO due to unexpected high demand. The firm has provided Covid test kits to the government branch of health services and has also provided its own sequencing technology to researchers to help identify the genome of the SARS virus and to track variants.