Daily Trade News

Oxford Nanopore valued at $6.17 billion as shares soar in London



© Reuters. FILE PHOTO: A COVID-19 self-test kit is seen before being used by a teacher in Milton Keynes, Britain, January 28, 2021. REUTERS/Andrew Boyers

(Reuters) -Shares of Biotech group Oxford Nanopore Technologies soared more than 30% within minutes of their market debut on Thursday, indicating increased investor interest in life sciences companies listing in London.

The stock was trading at 568 pence by 0730 GMT and the company’s valuation was about 4.51 billion pounds ($6.17 billion). The offer price was 425 pence.

The listing marks a significant move for the London Stock Exchange as most British pharma and life science companies tend to list on New York’s Nasdaq.

The company, which specialises in DNA sequencing and provides rapid COVID-19 tests to Britain’s national health services, sold 524 million pounds worth of shares in the IPO. It set its issue price towards the upper end of an earlier range.

It had planned to issue 82.4 million new shares, raising 350 million pounds, while existing shareholders sold 41 million shares, it said in a statement.

($1 = 0.7311 pounds)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Read More: Oxford Nanopore valued at $6.17 billion as shares soar in London