Oxford Nanopore said on Thursday that it’s planning to list on the London Stock Exchange.
The DNA-sequencing company, which provides rapid Covid-19 tests, said the offering will comprise new and existing shares, and that it expects to list a stake of at least 25%.
It said proceeds from the IPO will be used to continue to invest in growth opportunities, “driven by the ambition to be a global company that enables the analysis of anything by anyone, anywhere”.
The company said there is a substantial global market opportunity for its “unique offering” and business model. It noted that DNA/RNA sequencing represents an estimated $5.7bn market in 2021, with an estimated compound annual growth rate of 18% between 2020 and 2023.
Chief executive officer Dr. Gordon Sanghera said: “We believe Oxford Nanopore is ideally suited to both 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.”
