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UK's Oxford Nanopore Technologies planning Hong Kong, London IPOs

Oxford Nanopore Technologies Ltd. is planning a dual listing in Hong Kong and London, the South China Morning Post reported June 18, citing CEO Gordon Sanghera.

According to the CEO, the British maker of DNA sequencing devices is targeting a Hong Kong float within 18 months, while looking at a London listing late 2019 or early 2020.

The company has held talks with Hong Kong Exchange and Clearing officials to discuss a possibility of an IPO under the city's revised listing rules, which allow biotechnology companies without a profit or revenue track record to go public.

Spun out from Oxford University in 2005, Oxford Nanopore will focus on the Chinese market, where 80% of the global projects on sequencing of new genomes of animals and plants take place, the paper noted. China is also expected to be Oxford Nanopore's biggest market for the next six to 12 months, Sanghera added.

The market for genome sequencing is dominated by Illumina Inc.

In March, Oxford Nanopore raised £100 million from global investors, including China Construction Bank's investment banking arm, CCB International, Singapore's sovereign wealth fund manager, GIC and Australia's Hostplus.

Oxford Nanopore is a portfolio company of IP Group PLC, a London-based intellectual property commercialization company.