IP Group (LON: IPO) has seen its share price make gains on Thursday after it made approximately £84 million from the IPO of Oxford Nanopore Technologies.
Oxford Nanopore, a portfolio company of IP Group, IPO'd at 425p per share on Thursday, making its market cap £3.4 billion. It is currently priced at 612p.
The nanopore-based sensing technology company also plans to issue approximately 82.4 million new shares, raising about £350 million.
IP Group made £84 million through the partial sale of its stake in the company and will allocate £15 million of the cash towards its share buyback programme.
IP Group now holds 82 million shares or 10.3% of Oxford Nanopore, valued at £348.8 million based on the 425p offer price.
Alan Aubrey, CEO of IP Group, said: “We're delighted to see such continued strong global interest in and support for Oxford Nanopore. Since IP Group helped found Oxford Nanopore in 2005, the company has gone from strength to strength. It is a great example of how IP Group has helped nurture a world-leading company based on scientific research and we're immensely proud of the team's achievements.”
IP Group shares sit at 140.4p, up 3.24% following its announcement. Earlier in the session, they hit a high of 142.8p.
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