Faroese salmon, processing and feed giant Bakkafrost's new share offering closed Thursday with 1.87 million orders -- over 1 million more shares than the company planned to issue.
The company announced Nov. 20 that it intended to offer up to 1 million shares at NOK 500 per share, with an aim of raising NOK 500 million ($55 million/€49 million). The full share allocation will be finalized Dec. 6.
Bakkafrost intends to use the funding for working capital and its planned investment program, which includes the acquisition of The Scottish Salmon Company (SSC).
In October, Bakkafrost announced it completed the acquisition of 133,125,109 shares of SSC from Northern Link for NOK 3.76 billion (€374.2 million/$411.1 million) or NOK 28.2 (€2.80/$3.10) per share.
Bakkafrost announced in November its final offer price for common shares will be NOK 28.25 (€2.80/$3.10), the highest price paid in the last six months, according to the company.
The final minority shareholders in SSC have been agreeing to sell shares following a board's recommendation to take the offer.