Halibut farmer backed by shipping billionaires seeks $32 million ahead of IPO
The company is aiming to list on the stock exchange next month.
Nordic Halibut, a firm backed by two of Norway's largest shipping magnates, is planning a NOK 270 million (€26.5 million/$31.5 million) private placement, ahead of plans to list on Oslo's Euronext Growth, the company announced Monday.
The capital will be used to fund the company's new land-based broodstock facility, to expand sea operations in Eide, Norway, and to establish value-added product capabilities.
The price per share has been set to NOK 22.50 (€2.21/$2.63), with three cornerstone investors already pre-committing to subscribe for a total of NOK 67 million (€6.5 million/$7.8 million).
Swedish asset management firm Handelsbanken Fonder committed to NOK 40 million (€3.9 million/$4.6 million) in shares, Norwegian entrepreneur Borge Hald committed to NOK 17 million (€1.6 million/$1.9 million) in shares, and Norwegian investment firm Melesio committed to NOK 10 million (€984,000/$1.1 million) in shares.
Existing shareholders, including Kontrari, the investment vehicle for shipping magnate and investor Frode Teigen, Farvatn, an investment group funded by the family of another shipping giant, Odfjell, and Jakob Hatteland, also pre-committed to subscribe to a total of NOK 82 million (€8 million/$9.6 million).
Nordic Halibut engaged Pareto Securities and Sparebank 1 Markets as financial advisers for the private placement and listing expected for Apr. 9.
The company was founded in 1995, with its main farming location near Averoy, Norway. Nordic Halibut is primed to produce 4,500 metric tons by 2026 and 9,000 metric tons by 2030.
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