IP Group NAV falls on stock market correction

14th Jun 2022 08:22

(Sharecast News) - IP Group said its net asset value at May 31 had fallen to around £1.4bn, or 139 pence per share, compared with £1.7bn or 167p at December 31, 2021, due to falling stock markets and the rotation out of growth and technology stocks.

The investor said it was still well financed and had gross cash and deposits of £251m at the end of last month.

"The group has made notable investments into existing portfolio companies Istesso Ltd (£10m) and Bramble Ltd (£9.5m) as well as a number of smaller size investments into current and new opportunities across all three of our thematic focus areas of life sciences, cleantech and deeptech," the company said on Tuesday.