Land-based turbot and sole producer Stolt Sea Farm has axed an initial public offering for its fish farming business after management received disappointing indications for the unit's likely value.
The Norwegian shipping conglomerate began exploring an IPO for its fish farming business earlier this year, amid a flurry of public offerings on the Oslo stock exchange.
At the time, Stolt Sea Farm President Jordi Trias told IntraFish the decision to pursue an IPO came "from all these years of work in building a sound and sustainable business."
