The landscape of global capital markets is evolving, and with it, the aspirations of ambitious biotech and tech companies. Oxford Nanopore Technologies, a UK-based biotech firm known for its DNA and RNA sequencing innovations, has reportedly expressed renewed interest in pursuing a US listing, possibly on Nasdaq. Though already listed on the London Stock Exchange since 2021, Oxford Nanopore is exploring opportunities to broaden its investor base and access deeper pools of capital in the US,according to several media sources in July 2025. This move underscores the increasing relevance of US IPO advisory services for foreign private issuers (FPIs) navigating complex cross-border listing strategies.
This trend is not surprising. US public markets such as Nasdaq and the NYSE remain attractive for high-growth, innovation-driven companies seeking global visibility, access to institutional investors, and enhanced liquidity. However, transitioning from a home-market listing to a US IPO involves complex regulatory, structural, and disclosure-related hurdles. For FPIs, the path to a US listing is uniquely challenging, and the role of a US IPO advisory team becomes indispensable.
Strategic Considerations for a Cross-Border US Listing
Oxford Nanopore’s case offers a timely lens through which to examine what companies must prepare for when targeting a US IPO. The process extends far beyond financial performance—it involves strategic positioning, legal structuring, SEC compliance, and stakeholder readiness.
From a US IPO advisory perspective, several key elements must be addressed early in the planning phase:
1. Evaluating Foreign Issuer Status and Tailored Disclosure Requirements
Non-US companies may be eligible to list in the United States under the status of a foreign issuer, which can offer relatively streamlined disclosure obligations compared to domestic US registrants. However, eligibility and filing options should be assessed early in collaboration with legal counsel.
For example, foreign issuers may qualify to file Form F-1 instead of the more detailed Form S-1 and may not be subject to certain US-specific obligations, such as proxy rules or insider reporting under Section 16.
We support clients in working with legal and accounting professionals to evaluate the implications of foreign issuer status, weigh the use of IFRS versus US GAAP, and plan for US-facing disclosures—such as risk factors and MD&A—that are suitable for global investors.
2. Building a US-Compliant Governance and Capital Structure
While Oxford Nanopore is already a public company in the UK, a US listing would subject it to a second layer of governance expectations—particularly if it lists on Nasdaq. The company must evaluate its board composition, independence, audit committee standards, and related party disclosures against Nasdaq’s requirements.
Hexcellence Consulting assists with this evaluation and often works alongside legal and accounting partners to reconfigure corporate structures, if needed, to align with SEC and exchange standards.
3. Readiness for SEC Scrutiny and Material Risk Disclosures
US capital markets have seen increased regulatory and investor scrutiny, especially for life sciences companies. Disclosures related to intellectual property risk, clinical trial reliability, revenue concentration, supply chain dependencies, and more recently, climate-related financial exposure, are all areas of focus.
Although the SEC’s climate disclosure rule is currently in legal uncertainty following its March 2025 decision to halt legal defense of the rule, material climate risks must still be disclosed if they are deemed financially relevant. For global biotech firms with international operations, this materiality assessment remains crucial.
US IPO advisory teams support companies in identifying disclosure gaps, preparing investor-friendly materials, and aligning with market expectations, not just minimum legal requirements.
4. Navigating Dual Listing or Uplisting Complexities
In Oxford Nanopore’s case, a dual listing (maintaining its LSE listing while joining Nasdaq) would introduce additional reporting and investor relations complexity. Decisions must be made around reporting currency, earnings release cadence, investor targeting strategies, and SEC vs. home regulator coordination.
An experienced US IPO advisory team plays a key role in mapping out timelines, preparing multi-jurisdictional filings, and managing communications across markets.
Why Oxford Nanopore’s Move Reflects a Larger Trend
Oxford Nanopore’s potential Nasdaq listing mirrors a growing trend among non-US companies looking to enhance capital access, valuation, and investor reach by going public in the US In 2025, with US IPO markets rebounding after years of volatility, companies are reevaluating cross-border opportunities.
However, what makes or breaks these IPOs is not just market timing—it is the level of preparation, clarity of disclosure, and the strength of the advisory bench guiding the process. The SEC and US investors are increasingly wary of “quick” listings. This means companies must build trust from day one through compliance, transparency, and robust governance.
Your Cross-Border IPO Partner
As an US IPO advisory firm, Hexcellence Consulting helps Asean companies prepare for a seamless and successful transition into the US public market. From structuring readiness assessments to disclosure guidance and IPO timeline planning, our role is to equip you with the insight, strategy, and cross-market understanding required to launch with confidence.
Whether you’re contemplating a primary listing or considering a dual path, our team offers tailored, actionable support to help you meet evolving investor and regulatory expectations.
Exploring a US IPO? Contact us to learn how Hexcellence can guide your listing journey with clarity and confidence.
