An American developer of woundcare technology is preparing to push the button on a London stock market flotation next month in a further signal of the City’s tentative recovery as a multinational listing venue.

Sky News has learnt that AOTI – or Advanced Oxygen Therapy Inc – is drawing up plans to raise roughly $50m (£39.5m) from an initial public offering in London.

City sources said the company expected to announce its plans in the first half of June.

If successful, the flotation on the junior AIM market is likely to value AOTI at around £160m, the sources added.

Based in California, AOTI says its medical technology reduces the need for amputations in patients by more than two-thirds.

Although modest in size, its flotation would provide a further boost to the London listings market.

This week, Raspberry Pi, a maker of cheap personal computers, confirmed plans for a £500m UK float.

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Peel Hunt, the investment bank, is working on both the Raspberry Pi and Aoti deals.

The biggest target, however, remains Shein, the Chinese-founded online fashion behemoth, which is likely to be valued in excess of £50bn when it goes public.

Sky News revealed several months ago that Shein was preparing to switch its focus from a New York listing to one in London, and that it had held talks with Jeremy Hunt, the chancellor, about its plans.

A spokesman for AOTI declined to comment on its IPO plans.

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