Penningtons Manches Cooper has advised Oxford Cannabinoid Technologies Holdings plc (OCTP) on its initial public offering (IPO) on the London Stock Exchange, which valued the company at £48 million. The standard listing on London’s main market involved a £16.5 million placing with admission occurring this morning (21 May 2021).
OCTP is a holding company of the group, with all operational activity being carried out by Oxford Cannabinoid Technologies Limited (OCT). OCT is a pre-revenue pharmaceutical company with an objective to develop cannabinoid-based prescription medicines approved by regulatory agencies including the US Food and Drug Administration (FDA), the European Medicines Agency (EMA) and the UK’s Medicines and Products Healthcare Regulatory Authority (MHRA).
The Penningtons Manches Cooper team was led by partners Seb Orton and Matt Martin, assisted by corporate associates Hannah Shamsolmaali and Laurence Nelson. Other members of the team included Stephen Goldstraw, Leonie Byers (tax/options), Rachel Bradley, Natasha Bowyer Irvine, Hannah Fricker (commercial/IP) and Sarah Mant (employment).
Commenting on the IPO, client relationship partner Matt Martin said:
“It is great to see such an appetite for investment and support in this exciting field and such a strong team at OCTP. We are delighted to have worked with them and help the company to take this next big step in their journey. We look forward to continuing to do our bit to support their ongoing success.”
Neil Mahapatra, executive chairman of OCTP, said:
“Penningtons Manches Cooper were an absolute pleasure to work with throughout the entire IPO process – we found them smart, to the point, and efficient. We hope to work with them on an ongoing basis, on other initiatives.”
Chief operating officer, Clarissa Sowemimo-Coker, added:
“Matt Martin, Seb Orton and their teams have done a fantastic job preparing us for our IPO in a compressed time frame. They have been responsive, practical and personable every step of the way. We place huge value on their timely and commercial advice and the collaborative nature of their approach.”
This is the second IPO that the firm’s corporate team has acted on in the last two months, having advised finnCap on the AIM IPO of Parsley Box in March.