Oxford Nanopore Technologies is aiming for an initial market cap of £3.8bn, well up on the pre-IPO valuation of £2.4bn earlier this year.
The Oxford University spin-out, which developed technology allowing real-time analysis of DNA or RNA and provides rapid Coronavirus (COVID-19) tests to the NHS, will issue the shares at between 375p to 450p a piece when its floats in London next month, according to a Bloomberg report.
Based on this price, the IPO fundraising will drum up £523-547mln.
It was announced last week that US tech giant Oracle Corp is investing £150mln as part of the flotation.