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IntraFish Stockwatch: Salmones Camanchaca’s shares fare well in first month on Oslo exchange

How did the company’s shares do in the first month of trading in Norway?

Salmones Camanchaca’s shares, which debuted on the Oslo Stock Exchange at NOK 42 (€4.30/$5.40) on Feb. 5, opened at NOK 47 (€4.90/$6) on March 5, a 7 percent increase, and closed at 46.50 (€4.80/$5.90), NOK 4.5 (€0.46/$0.57) above their initial price on the exchange.

It was a relatively stable month overall for the group: shares hit a low at NOK 44.25 (€4.60/$5.70) on Feb. 8 following a two-day decline. This slump followed similar drops in shares of Norwegian farmers Marine Harvest and Norway Royal Salmon (NRS).

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Salmones Camanchaca's shares recovered after the fall with a steep increase on Feb. 9, and continued a steady growth through Feb. 12, when they hit a high of NOK 48 (€5/$6.10).

On Feb. 13, shares fell from their peak to NOK 46.10 (€4.80/$5.90) and continued to trade within a range between NOK 46 (€4.80/$5.90) and NOK 46.50 (€4.80/$5.90) up until Feb. 28, when they hit the month’s second highest level, NOK 47.50 (€4.90/$6.10).

The initial public offering of Salmones Camanchaca on the Oslo Stock Exchange attracted strong attention from investors, analysts and fellow salmon farmers looking to increase their cash flow. AquaChile announced its intentions to launch an IPO in Oslo for a capital increase of $200 million three weeks after Camanchaca’s listing.

Analysts in the Norwegian market expect more Chilean companies to follow suit.

Salmones Camanchaca’s revenue in the third quarter of 2017 was NOK 292.1 million (€30.3 million/$37.3 million). The company is expected to publish its Q4 results in the first half of March.

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