By Ian Walker
Shares of Oxford Nanopore Technologies PLC jumped as much as 47% in early trade Thursday as they started conditional trading on the London Stock Exchange, implying a market capitalization of 4.95 billion pounds ($6.65 billion).
The DNA-sequencing specialist has raised GBP350 million via the issue of 82.4 million new ordinary shares at 425 pence each.
Shares at 0837 GMT were up 185.50 pence, or 44%, at 610.50 pence having peaked at 622.9 pence earlier in the session. Unconditional trading is due to start on Oct. 5.
“Our focus remains on continuing to innovate, grow, and working towards our goal of enabling the analysis of anything, by anyone, anywhere. This IPO brings us a step closer to being able to fulfill that ambition,” Chief Executive Gordon Sanghera said.
IP Group PLC said separately that it has realized GBP84 million via the partial sale of shares in Nanopore. It owns 82.1 million shares, or 10.3% of the company, following the sale.
Write to Ian Walker at ian.walker@wsj.com
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