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SourceBio to unveil IPO details: Sky News
Posted on Wednesday, 14 October 2020 14:51
UK-headquartered diagnostics player SourceBio International is on the verge of announcing plans to carry out an initial public offering (IPO) on the London Stock Exchange’s Aim market, according to Sky News.
Without identifying its sources, the broadcaster said the company will issue a statement on Thursday, as part of which it will outline plans to float, raising between GBP 30.00 million and GBP 35.00 million in the process.
It cited chief executive Jay LeCoque as saying the listing would enable the firm to increase its testing capacity for Covid-19, accelerate earnings growth from its core operations and to carry out acquisitions.
This will not be the firm’s first foray into the public markets; it was previously quoted on the London Stock Exchange from March 2008 until September 2016.
It delisted as a consequence of its acquisition by Continental Investment and Harwood, which paid GBP 43.44 million for the remaining 69.1 per cent stake they did not already own in the business via their Sherwood Holdings vehicle.
This equates to an offer price of GBP 0.18 per item of stock.
Sky News cited people with knowledge of the matter as saying that proceeds of the IPO have been earmarked for the repayment of debts.
They added that it has invested between GBP 5.00 million and GBP 10.00 million to increase its testing capacity as it carries out diagnostics for the Covid-19 virus, which has swept the world in 2020.
SourceBio describes itself as an international provider of integrated state of the art laboratory services and products.
The company operates offices throughout Europe and the US.
It offering includes outsources histopathology reporting and human tissue testing services, stability storage solutions and the manufacture of blood and tissue serology products.
SourceBio’s listing is only the second time this year that a medical laboratory has announced plans to go public, according to Zephyr, the M&A database published by Bureau van Dijk.
The other deal involved China-based Sansure Biotech, which unveiled an intended flotation on the Shanghai Stock Exchange’s Sci-Tech Innovation Board back in March.
In August, the group set an issue price of CNY 50.48 (USD 7.52), thereby valuing the deal at CNY 2.02 billion.
© Zephus Ltd