IP Group Banks £21m From Oxford Nanopore Stake Sale, Keeps 7.23%
IP Group has sold 10m Oxford Nanopore shares for about £21m after a roughly 73% three-month rally in the stock, while keeping a 7.23% stake in the company.
IP Group (LSE: IPO) has sold 10m shares in Oxford Nanopore (LSE: ONT) for about £21m, while keeping a 7.23% stake. IP Group’s own shares were up about 1.9% at 8:13am today, while Oxford Nanopore’s were slightly lower at 8:20am.
IP Group traded at 74.507p at 8:13am today, on delayed data, up 1.92% from a previous close of 73.1p. That sits just below its 52-week high of 76.5p, against a low of 48p, and is 28.5% up on the year from 58p on the 2nd of January. Oxford Nanopore was at about 212.1p at 8:20am, down 0.89% from 214p.
After the sale, IP Group still holds 70,775,255 Oxford Nanopore shares directly, the 7.23% stake. It values them at £151.5m. The 10m shares sold are about 1.0% of Oxford Nanopore. Funds managed by IP Group hold about 11.8m further shares.
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The £21m figure implies roughly 210p a share, which is not a stated placing price. That is about 1.9% below yesterday’s 214p close and about 1.0% below the 212.1p at 8:20am. The £151.5m valuation matches yesterday’s 214p close rather than the 8:20am price.
Oxford Nanopore has risen about 73% in three months, from 123.7p on the 2nd of July to 214p yesterday. The £21m raised is about 3.3% of IP Group’s market value of roughly £646m.
IP Group shares over three months to the 2nd of October.
Greg Smith, IP Group’s chief executive, framed the sale as a measured step rather than an exit.
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“Oxford Nanopore has been one of the standout successes within our portfolio and we remain strong supporters of the company, its management team and its long-term prospects. This transaction represents an appropriate partial realisation of our holding, demonstrating our ability to realise value from maturing portfolio companies while preserving meaningful exposure to future upside.”
Greg Smith, chief executive, IP Group
IP Group said the proceeds add to its financial flexibility and support disciplined capital allocation across its portfolio and group priorities.
The retained shares are subject to a 90-day lock-in in favour of Joh. Berenberg, Gossler & Co, with customary exceptions or a waiver available from Berenberg.
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