Inarctica, Russia’s largest salmon farming company, raised RUB3 billion (€30.7 million/$33.7 million) through a secondary public offering (SPO) of company shares that closed Nov. 29.

“The company plans to use the funds raised from the SPO for general corporate purposes, including investment projects, as part of a vertical integration strategy aimed at multiple business growth over the next few years,” said Inarctica CEO Ilya Sosnov.

Inarctica’s management said the new SPO strengthens the company’s position in public equity markets due to the influx of new investors, an increase in the number of free float shares, as well as an increase in the liquidity of the company’s shares.