DNA Sequencing firm Oxford Nanopore Technologies Ltd. launched its initial public offering (IPO) on the London Stock Exchange, with shares being sold at 425 pence each. The company managed to sell 350 million pounds worth of new stock, while its backers were able to generate 174 million pounds from the sale of existing shares.
As a result of the company’s share sales, Oxford Nanopore is now valued at 3.4 billion pounds ($4.6 billion). This performance saw the Oxford-based firm capitalize on the spiking demand for fast-growing tech stocks as well as the pandemic boost that most health and medical firms are experiencing as of late.
Since engaging in its latest fundraising round in May, Oxford Nanopore has boosted its market value by over $1 billion, becoming one of the United Kingdom’s most valuable startups as a result.
The inroads that Oxford Nanopore has made as of late has been seen as an important step in the London Stock Exchange’s ambition to develop its profile as one of the world’s leading innovation hubs.
