UK medical technology company Horizon Discovery Group has announced a "significant oversubscription" during the company's flotation raising £68m, well-above the original target of £25m.
Darrin Disley, Horizon chief executive, said:
The Company builds upon a strong commercial performance since inception and the listing of our shares is expected to unlock and deliver significant value to all shareholders moving forward.
We are very excited by the enthusiasm shown by over 60 incoming investors and the significant oversubscription for the placing at the top of our target valuation range.
Horizon will be admitted to London's Alternative Investment Market (AIM) on Thursday with a market cap of £120m. The placing with institutional investors raised £40m before expenses, in addition to the sale of £28.6m in existing shares at 180p.
Horizon's is hoping to become a global market-leader in the provision of Life Science research tools that enable the elucidation of the genetic basis of disease and the development of personalised medicines.