Oxford Nanopore has released plans to be traded on the London stock exchange, Reuters reports.
The company announced earlier this year that it was preparing for an initial public offering in the second half of 2021.
Reuters adds that Oxford Nanopore is planning a free float of at least 25 percent of its shares in its IPO. According to the Financial Times, analysts say the company could be valued at £4 billion (US $5.5 billion), based on its 2023 revenue target and comparisons with competitors. The Evening Standard adds that a recent funding round suggests the company may currently have a £2.5 billion valuation.
Oxford Nanopore spun out of Oxford University in 2005, and FT says its sequencing machines are currently being used to identify and track the spread of SARS-CoV-2 variants in 85 countries. The company, which mostly has users at universities and other scientific research labs, additionally plans to move into applied genomics fields like pharmaceuticals, agriculture, and water safety, it notes.
Reuters adds that this would also be a feat for the London exchange, as most British pharmaceutical and life science companies are listed on New York's Nasdaq exchange.