Woodford investors go missing as Oxford Nanopore IPO skyrockets

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The biotech company set an offer price of 425 pence per share, which would have given the company a total market capitalization of around £ 3.4 billion.

However, the stock opened considerably higher at 545 pence per share before climbing to 622 pence per share, up 47% from its initial offer price.

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Investors in the former Woodford Equity Income fund, now the LF Equity fund, will not be able to take advantage of Neil Woodford’s long-standing confidence in the company, as Link Fund Solutions sold the fund’s initial investment in the company. company last year for severe depreciation of more than 50%.

The disgraced manager himself is also expected to miss out on the extraordinary rise, having postulated a 43% weighting in Oxford Nanopore in its proposed portfolio of WCM Partners Healthcare, however, he has yet to seek regulatory approval.

However, investors in the former Woodford Patient Capital trust, now managed by Tim Creed and Roger Doig under the new name of Schroder UK Public Private, will benefit from the IPO.

The trust benefited from an offer to sell 10% of the portfolio’s stake in Oxford Nanopore, which, combined with the remaining shares valued at the offer price of 425 pence, represents a 21.4% increase from the last disclosed fair value of the investment such as June 30, 2021.

Creed and Doig said: “We are proud to have supported Oxford Nanopore and its management team in its exciting development.

“Schroder UK Public Private Trust has supported Oxford Nanopore and this very successful IPO underscores the quality of Oxford Nanopore technology and the commercial advancements made in recent years.

“We remain very confident in the ability of Oxford Nanopore to generate more value for the shareholders of the company in the medium to long term. We are also delighted that the listing continues to rebalance the Company’s portfolio.

Oxford Nanopore represents almost half of the new Cayman-based Woodford fund

Gordon Sanghera, CEO of Oxford Nanopore, added: “Today is a very proud day for the entire Oxford Nanopore team, but we believe we are only at the foot of a long and exciting journey. .

“We are living at the dawn of the genomic era. I believe that our unique technology will open up many new possibilities for positive impact, both by enabling new discoveries in scientific research and through more accessible, faster and richer biological knowledge in health, agriculture. , diet and understanding of environments.

“We are delighted with the positive response we have received from investors around the world during this process and look forward to welcoming our new shareholders. Our goal remains to continue to innovate, grow and work towards our goal of enabling analysis of anything, by anyone, anywhere. This IPO brings us one step closer to being able to realize this ambition. “

Unconditional trading will open on the shares on October 5, 2021.


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