IP Group (LSE: IPO)

Currency in GBP

Last close As at 25/03/2023


0.85 (1.51%)

Market capitalisation


IP Group helps to create, build and support IP-based companies internationally focused on companies that meaningfully contribute to regenerative (renewable), healthier (life sciences) and tech-enriched (deep tech) futures. The group has an international footprint, with investment platforms in the UK, Australia, New Zealand and the United States.

IP Group provides liquid exposure to a growing portfolio of high-growth science-based start-ups from its international ecosystem. The company invests primarily in life sciences, deep tech and renewables, and is increasingly focused on companies that will have an impact, delivering a regenerative, healthier and tech-enriched future.



Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Key Management

  • David Baynes


  • Greg Smith


  • Sir Douglas Flint


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (9.5) 0.2 (40.6)
Relative (5.1) (0.9) (40.0)
52 week high/low 96.4p/52.9p


IP Group’s NAV per share came in at 132.9p at end 2022, down 20% year-on-year in total return terms but only 2% below the end-June 2022 level. The NAV decline during 2022 was primarily due to the £428.5m loss from listed holdings (before FX changes, mostly Oxford Nanopore Technologies, ONT), while private holdings contributed gains before FX of c £101.4m (or 5.8% of opening NAV). Excluding ONT, IP Group posted a £25.2m profit in 2022. The company will focus on driving short- to medium-term returns from its more developed holdings and devote resources to its ‘priority companies’, which it believes will underpin its self-sustaining model (its top 20 holdings make up 71% of portfolio value).

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2020A 234.2 191.9 189.0 17.6 3.2 3.2
2021A 508.9 460.2 457.2 41.9 1.4 1.3
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A


Digital Marketing and Internet Media Technology Platform


MediaWatch – January 2023


IPO apocalypse


ESG, moving beyond the box tick


Direct tech investors

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