Norwegian aquaculture group Gigante Havbruk is planning to raise NOK 192 million (€18.7 million/$22.2 million) to build a land-based salmon farm and list on the Oslo Stock Exchange.

Gigante Havbruk, which owns Gigante Salmon, has plans to build the farm in Rodoy municipality in Nordland with an ultimate annual production of around 20,000 metric tons of salmon.

Gigante Salmon applied for an initial public offering (IPO) on Monday.