Norway-based Lumarine, a producer of farmed cod fry and cleaner fish, specifically lumpfish, has announced plans to list on Oslo’s Euronext Growth market later this month.
The company, which is currently owned by investor Christen Sveaas, is looking to raise NOK 360 million (€35.6 million/$42.4 million) through the listing, scheduled for April 26.
Sveaas acquired a majority stake in Lumarine for NOK 15.5 million ($1.8 million/€1.5 million) just last year. Sveaas used the vehicle to acquire lumpfish producer Atlantic Lumpus, and smolt producer Njord Salmon.
The price per share is NOK 3.40 (€0.34/$0.4), which values the company's share capital at NOK 402 million (€39.8 million/$47.4 million) before the capital increase.
Lumarine produces cod fry and cleaner fish at sites in Tommervag, Tjeldbergodden and Sleneset, Norway.
Existing shareholders and management will buy shares for around NOK 25 million (€2.5 million/$2.9 million) as part of the listing.
Three key investors have subscribed for shares worth NOK 130 million (€12.9 million/$15.3 million), including Evermore Global Advisors with NOK 65 million (€6.4 million/$7.7 million), Handelsbanken Fonder with NOK 40 million (€4 million/$4.7 million), and Blackcrane Capital with NOK 25 million (€2.5 million/$2.9 million).
In 2019, Lumarine posted a loss before tax of NOK 5.9 million (€583,535/$695,137) and had revenues of NOK 62.4 million (€6.2 million/$7.4 million).
Though sea lice is far and away the industry's largest fish health cost, concerns about the environmental impact of chemical treatments and increased resistance to those chemicals have prompted companies worldwide to seek out alternatives, with good results coming from technologies such as hydrolicers, warmwater treatments, and promising developments in everything from sea lice-eating cleaner fish to genetics to lasers.
Arctic Securities and Pareto Securities are advising on the listing.
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